easyJet Chris Walton

easyJet plc

Slide 1

Agenda

easyJet plc

1. What’s changed / not changed since the IPO? 2. Our current challenge 3. Focus on costs: what we’re doing about airports 4. Focus on revenues: what we’re doing for business travellers 5. Conclusion

Slide 2

What’s changed since the IPO? (1)

easyJet plc

We are now five times the size…
Liverpool Luton 1 Amsterdam 4

Geneva 2

Planes: 19 >> 100 Bases: 4 >> 15 Airports served: 15 >> 60 We are the largest European low-cost carrier
Slide 3

What’s changed since the IPO? (2)

easyJet plc

We’ve introduced a new aircraft type..

Airbus A319: price we couldn’t ignore Low-cost growth secured Attractive financing
Slide 4

What’s NOT changed since the IPO? (1)

easyJet plc

Low-cost roots still very firmly in place

easyLand then…

… easyLand now

Slide 5

What’s NOT changed since the IPO? (2)

easyJet plc

easyJet: low-cost by design
High aircraft utilisation – currently 11.2 hours per day High-density, high-frequency network Simple pricing structure, no connecting traffic (unless you do it yourself), no channel-based pricing 100% ticketless, 97% online distribution

… we aim to be consistently the lowest-cost airline for the markets we serve
Slide 6

By the way..

easyJet plc

Who has the lowest cost?
“Southwest has the lowest operating cost structure in the domestic airline industry ”, Southwest Airlines website, company profile Southwest 2003 unit operating cost = 7.60 cents / ASM “For the year ended December 31, 2003, our airline cost per available seat mile of 6.07 cents was lower than any of the major U.S. airlines”, Jet Blue Annual Report, 2003

… answer = BOTH. They have very different business models.
Slide 7

Agenda

easyJet plc

1. What’s changed / not changed since the IPO? 2. Our current challenge 3. Focus on costs: what we’re doing about airports 4. Focus on revenues: what we’re doing for business travellers 5.