full year results analyst and investor presentation · investor presentation 16 november 2010 ....

1 1

Full year results Analyst and investor presentation 16 November 2010

Introduction Carolyn McCall

Chief Executive

2

3 3

Highlights

easyJet’s advantaged network and improved consumer demand

has driven strong revenue performance

Total revenue per seat up 5.1% reported, +3.3% at constant currency

Seats flown grew by 6.0%, with a 15.9% increase in mainland Europe

Market share has grown from 6.5% to 7.6% over the last year

Underlying profit per seat grew by £2.53 to £3.36

Fuel costs reduced by £2.19 per seat as higher priced hedges rolled off

Mix improvement offset the increased costs of disruption

Return on equity grew 3.1ppt to 8.6%

Continued strong cash generation, net cash flow from

operations improved by £229m to £363m

Improvement in revenue, margins, ROE and cash

4

Finance review Chris Kennedy

Chief Financial Officer

5 5 5 5

£m F ‘10 F ‘09 Change

Total revenue 2,973 2,667 11.5%

Fuel (733) (807) (9.1)%

Operating costs excluding fuel* (1,851) (1,635) 13.2%

EBITDAR* 389 225 48.4%

Finance and ownership* (201) (181) 10.4%

Pre-tax profit (underlying) 188 44 330.9%

Margin* 6.3% 1.6% +4.7pp

Fuel cost per seat - £ 13.09 15.28 (2.19)

Pre-tax profit per seat* - £ 3.36 0.83 2.53

Financial results

5 * Underlying number - operating costs ex fuel exclude the £27m of additional cost incurred

due to volcanic disruption. Finance and ownership excludes a £11m profit on the disposal

of 3 aircraft in 2009 and £7m loss on disposal of 4 aircraft in 2010.

6 6 6 6

£m F ‘10 F ‘09 Change

Pre-tax profit (underlying) * 188 44 330.9%

Costs of volcanic disruption (27) - -

(Loss) / profit on sale of aircraft (7) 11 -

Pre-tax profit (reported) 154 55 181.5%

Tax (expense) / credit (33) 16 -

Profit after tax 121 71 70.4%

Earnings per share (basic reported) 28.4p 16.9p 68.0%

ROE (reported) 8.6% 5.5% 3.1pp

Net income, EPS, ROE

6

Volcano impact: £30m of estimated lost contribution and £27m of additional cost

Profit on sale of £4m over the past two financial years from ex-GB A321 sales

Effective tax rate is 21.2% for F’10, planned effective tax rate for F’11 is 26%

Fleet profile ensures cash tax rate continues to be single digits over the medium term

* Underlying number - operating costs ex fuel exclude the £27m of additional cost incurred



7 7 7 7

Strong expansion in second half margins

7

£m H2 ‘10 H2 ‘09 Change

Total revenue 1,802 1,634 10.3%

Fuel (428) (451) (5.1)%

Operating costs* (1,008) (917) 10.0%

EBITDAR* 366 266 37.5%

Finance and ownership* (99) (92) 6.9%

Pre-tax profit* 267 174 53.9%

Fuel cost per seat - £ 13.91 15.31 (1.40)

Pre-tax profit per seat* - £ 8.68 5.90 2.78

Good revenue performance +5.2% per seat at constant currency

Operational issues caused c. £30m of additional cost in the second half

Minimal impact from € in H2




8 8 8 8

Profit per seat build up

0.830.26

1.68

2.19 1.25

0.230.12 3.36 0.49

0.12 2.75

£0.00

£1.00

£2.00

£3.00

£4.00

£5.00

2009

und

erlying

FX (e

x fu

el)

Reve

nue (e

xcl fx)

Fuel (

inc

fx)

Disru

ption a

nd wet

leas

ing

Inte

rest in

com

e

Oth

er cos

t inc

reas

e

2010

und

erlying

Volca

no

2010

A321

loss

2010

hea

dline

PBT per seat

9 9 9 9

Positive impact from euro

Effective rates: dollar - F’10 1.64 v F’09 1.78; euro – F’10 1.15 v F’09 1.16

Currency split - total costs Currency split - total revenues

F ‘10 F ‘09 Change

Total revenue per seat (rps) 53.07 50.47 5.1%

at constant currency 52.15 50.47 3.3%

RASK at constant currency 4.64 4.58 1.2%

Total cost per seat ex fuel (headline) 37.23 34.16 (9.0)%

Total cost per seat ex fuel (underlying) * 36.62 34.37 (6.6)%

at constant currency* 36.15 34.37 (5.2)%

CASK ex fuel at constant currency* 3.22 3.12 (3.1)%

Swiss franc 6%

US dollar 33%

Other 1%

Sterling 27%

Swiss franc 5%

Euro 34%

Sterling 48%

Other 2%

Euro 44%




10 10 10 10

4.8%2.4%

3.6%6.1%

1.4%3.8%

6.0%

1.7%

7.0%

-0.4%-0.7%

9.8%

Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10

Total revenue per seat at constant currency

Capacity growthBenefit from

the movement of Easter

Continued growth in total revenue per seat


Passengers (m) 48.8 45.2 7.9%

Load factor (%) 87.0% 85.5% 1.5ppt

Seats (m) 56.0 52.8 6.0%

Sector length (km) 1,123 1,101 2.1%

Total revenue (£m) 2,973 2,667 11.5%

Total revenue per seat (£) 53.07 50.47 5.1%

@ constant currency (£) 52.15 50.47 3.3%

11 11 11 11

Passenger and ancillary revenues


Passenger revenue (£m) 2,402 2,151 11.7%

per seat (£) 42.87 40.70 5.3%

Ancillary revenue incl. checked bag (£m) 571 516 10.7%

per seat (£) 10.20 9.77 4.4%

£ change in ancillary revenue per seat vs 2009

Bag charging +£0.14

Fees and charges +£0.53

Partner revenues -£0.19

In-flight net revenue -£0.05

Total +£0.43

VAT on in-flight and insurance regulatory change equivalent to 14 pence per seat

12 12

2,612

2,819

34

92

10474

4390 98

2,500

2,600

2,700

2,800

2,900

2009 FX Volume

excl.fuel

Price and

mix

Fuel One-offs Savings Disruption 2010

12

Drivers of cost performance

Revenue growth more than offset cost increases due to price and mix

F’09 contained a number of one-off benefits e.g. Boeing spares

Good delivery against £190m savings programme, crew savings (£30m) will be delayed as we resolve operational issues

Going forward £190m programme will be part of easyJet ‘lean’

£m

13 13 13 13

Impact of fuel

F ‘10 F ‘09 Difference

Fuel $ / metric tonne

market rate 688 595 93

effective price 732 951 (219)

US dollar rate

market rate 1.55 1.56 (1) cent

effective price 1.64 1.78 (14) cent

Actual cost of fuel £ / metric tonne 445 536 (91)

£91 per metric tonne decrease equal to £123m saving or £2.19 per seat,

volume impact is additional £49m

14 14

-4

1

6

11

16

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep

FY 10 FY 09

14 14 14

Incremental disruption related costs

Snow Volcano Other Total

Period H1 H2 FY FY

Additional costs (contact centre, de-icing costs, EU2004/261)

£21m £27m £36m £84m

Wet leasing - - £14m £14m

Incremental costs £21m £27m £50m £98m

Days of external industrial action

15 15 15 15

Cost per seat - key drivers




Constant currency £ Change % Change Drivers

Airports / handling 0.37 +2.7% airport price increases c. £25m,

partially offset by £24m savings

continued mix shift to primary airports

has cost an additional £20m

Navigation 0.18 +4.1% Eurocontrol price increase

Crew 0.16 +2.8% continued mix shift from local contracts

crew savings of £15m

Maintenance (0.03) -0.9% SRT deal benefits

Wet leasing 0.25 - mitigation of operational issues

Overhead & other costs 1.13 +30.3% additional disruption costs

Total operating cost (ex fuel) * 2.06 +6.7%

Ownership costs (0.28) -8.2% exit of expensive aircraft and

owned/leased mix

Total cost per seat (ex fuel)* 1.78 +5.2%

16 16 16 16

Net increase of 15 aircraft in the fleet

16

Sept ‘10 Sept ‘09 Change

B 737-700 (operating lease) 8 17 (9)

A319 (operating lease) 46 46 -

A319 (finance lease) 6 6 -

A319 (owned) 107 88 19

A320 (operating lease) 6 0 6

A320 (finance lease) 2 0 2

A320 (owned) 15 15 -

182 155 27

GB Airways A320 (operating lease) 2 5 (3)

GB A321 (owned) 4 4 -

6 9 (3)

Total fleet 196 181 15

Owned or finance lease 68% 62% +6ppt

Operating lease 32% 38% (6)ppt

17 17 17 17

Continued strong cash generation

1,172

483

177

48102

79

174

1,075

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2009* Operating

profit

Depn &

amort

Net working

capital

Tax, net int,

fx and other

Financing Capex 2010*

* Includes money market deposits but excludes restricted cash

£m

18 18 18 18

Strong balance sheet

18

£m Sept ‘10 Sept ’09

Fixed assets 1,928 1,612

Cash and money market deposits 1,172 1,075

Goodwill and other intangible assets 452 447

Other assets 451 539

Total assets 4,003 3,673

Debt 1,212 1,121

Other liabilities 1,290 1,245

Shareholders’ funds 1,501 1,307

Total equity and liabilities 4,003 3,673

Gearing* 32% 38%

*Gearing defined as (debt + 7 x annual lease payments – cash including restricted cash) divided by

(shareholders funds + debt +7 x annual lease payments – cash including restricted cash)

Estimated present value of future operating lease commitments £300m to £350m

19 19 19 19

Hedging positions and sensitivities

Jet fuel

70% of anticipated jet requirement for the full year to 30 September 2011 hedged using forwards at $734/MT

23% of anticipated jet requirement for the full year to 30 September 2012 hedged using forwards at $802/MT

$10 movement in fuel price per metric tonne will impact full year fuel bill by c.$4.8m

Dollar

66% of anticipated US$ requirement for the full year to 30 September 2011 hedged using forwards at $1.60

40% of anticipated US$ requirement for the full year to 30 September 2012 hedged using forwards at $1.57

1 cent movement in dollar will impact full year profit by £2.2m

Euro

64% of anticipated euro surplus for the full year to 30 September 2011 hedged using forwards at €1.10

21% of anticipated euro surplus for the full year to 30 September 2012 hedged using forwards at €1.08

19

Business review Carolyn McCall

Chief Executive

20

21 21 21 21

First four months

1. Operational issues; stabilise, understand root cause and process of

fundamental resolution begun

2. Resolution of the brand licence dispute

3. Review of the business and brand audit

4. Capital structure review

21

22 22

Operational issues – root cause

Not enough crew in the right places at the right times

Repositioning led to inefficient use of crew hours

Poor crew morale

Problems exacerbated by limited fire breaks in schedule

Jul 10 Aug 10 Sept 10 Oct 10 Nov 10

10%

20%

30%

40%

50%

60%

70%

80%

90%

0%

Unplanned cancellations

15 min OTP%

0

50

350

250

200

150

100

300

1. Operational issues

ATC Strike Action

23

Operations going forward

Absolute focus on OTP

Better establishment planning

Pipeline for training widened

Standby cover increased to 20%

Firebreaks scheduled

Greater use of flexi-crew

More communication and engagement with crew

24 24 24 24

Brand licence dispute - resolution

Unworkable situation

Window of opportunity ahead of court judgment to reach

resolution

Robust process to ensure workable agreement

Varied agreement provides greater clarity and freedom

Better alignment of Company’s and SHI’s interests

Clarity over future governance of the Company

Shareholders to vote on proposal in early December


25 25 25 25

First four months

1. Operational issues; stabilise, understand root cause and process of

fundamental resolution begun


3. Review of the business and brand audit


25 3. Review of the business

26 26 26 26

Building on 15 years of success

1995 2005 2010 +

Market

context

Industry dominated by

FSCs

Consolidation of FSCs

Many LCC’s launch

LCC growth outpaces FSC

Market concentrates to a few

strong LCC’s

easyJet

focus

Pioneering use of the web

and low fare air travel

Post 9/11 initial entry to

LGW and Orly

Low fare air travel between

primary airports

Expansion into Europe

Entry to GDS

Become Europe’s leading short

haul airline offering low fares

for business and leisure

Maintain cost advantage

By 2015: 10% market share

Non UK customers from 53% to 58%

Culture Start-up mentality

‘Orange’ culture

Decision making centered in

Luton

‘Orange’ culture impacted by

recession, high oil prices and

rapid growth

Organisation and processes to

ensure a robust and low cost

Pan European business

Embed and sustain ‘Orange’

culture across Europe

Capital IPO and rights issue to

fund growth and GO

acquisition

Growth and GB acquisition

financed from cash flow

Building a strong balance

sheet

Growth financed from cash flow

Maintain a strong balance

sheet

Formulaic, regular dividend

3. Review of the business

27

Vision – Turning Europe Orange

Strong presence in the UK

Flying to convenient, primary airports

Build a pan European presence

Targeted flexible, growth in convenient,

primary airports

Improve CRM capability, segment

customers and engage with them

Build an easyJet style business proposition

Smart cost management to maintain

ability to offer low fares

Build in processes to ensure continued

simplicity and excellent execution

Maintaining the easyJet foundations While ensuring success in the future

Booking process focused around

easyJet.com

Focus on leisure proposition

Low cost culture

Organisational simplicity

Outcome: £5 profit per seat

28 28 28 28



5 4 16 17 14 5 29 27

1.3 3 14 7 7 3 12 14

LCC

penetration

2010

48% 24% 26% 36% 53% 35% 42% 34%

Total

Leisure PAX

Non-LCC

Total

Business PAX

Non-LCC

Source: OAG, airport authorities of different countries (AENA, AdP, CAA, etc...), Euromonitor,

~120M

PAX

~60M

PAX

Avg.

~40%

29 29 29 29

Flexible growth

Clear opportunities for easyJet to

take profitable share:

Other carriers retrench or fail

New infrastructure capacity comes on

stream

Industry is cyclical thus flexibility

in fleet planning is vital

Ensure strategic time sensitive

opportunities for margin accretive

growth can be seized

F’11 to F’13 planned growth in seats

flown of c. 7% p.a.

F’14 onwards flexibility to grow at

between 4% and 8% p.a

126

148

24

32

0

50

100

150

200

250

300

350

400

450

500

550

PAX (M) +3.5% pa

P2P Leisure

P2P Business

Connecting

Charter

2015e

530

294

64

2010

450

239

54

4.2%

-5.0%

3.3%

3.3%

Notes: IATA forecasts used for PAX growth.

Short haul pax growth

CAGR


30 30 30 30

Network of convenient, primary airports

Source: OAG 12 months to Sep10, OAG market definitions

Primary airport = airport over 10 mppa or largest airport in market

Lufthansa Group includes Austrian, bmi, bmibaby, Brussels Airlines , germanwings, Swiss

Breadth and depth of network

Leading presence on Europe’s top

100 routes

Leading positions drive yields as we

offer time sensitive customers a

quality schedule

Leading positions at busy, slot

constrained airports

London Gatwick No.1

Milan Malpensa No.1

Geneva No.1

Paris No.2

84% of routes touch a slot

constrained airport

44 42

12

41

20 2015 13 11 10

5

1

30

2

0

5

10

15

20

25

30

35

40

45

50

easy

Jet

Britis

h Airw

ays/Ib

eria

Ryanai

r

Lufthan

sa G

roup

Air Fra

nce KLM

Alitalia

Air B

erlin

-NIK

I

SAS

Norweg

ian

Vuelin

g Airl

ines

4

2 6

1

0

4

1

1 2

Presence in top 100 market pairs

Non primary airports

Number of market

pairs operated

between two primary

airports


31 31 31 31

Targeted growth at convenient airports

Continue to focus on improving

performance across the portfolio

Add breadth and frequency in

existing markets e.g. France

Enter profitable new markets

e.g. Lisbon

Under review Star

New route

development

On target


Capacity split by return

32 32

easyJet can extend its customer base

easyJet has a compelling

customer proposition

Low fares

Reliable & punctual

Take you where you want to go

when you want to go

Helpful & friendly service

Consistency of end to end

execution needs to be improved

easyJet can take market share

5.9 5.8

12.5

10.1

7.9

1

0

2

4

6

8

10

12

14

UK

Franc

e

Ger

man

yIta

ly

Spa

in

Switz

erland

easyJet’s Pool of

Accessible new

Customers = 42 million

Customers who have never flown

with easyjet but would consider doing so

£m


33 33

Customers like us when they try us

easyJet is a positive experience for

both leisure and business

customers

Getting customers to trial us is a

key priority

CRM will help us engage better with

our customers

64 3 2

4

11

1715

12

16

0

5

10

15

20

25

UK

Franc

eIta

ly

Spa

in

Switz

erland

Preferred airlineamongst all leisuretravellers

1210

6 5 4

1

1816 16

18

13

16

0

5

10

15

20

25

UK

Swite

rland

Franc

eIta

ly

Spa

in

Ger

man

y

Preferred airlineamongst all leisuretravellers

Preferred airline

amongst all business

travellers

Preferred airline

amongst business

travellers who have

flown with easyJet

Preferred airline

amongst all leisure

travellers

Preferred airline

amongst leisure

travellers who have

flown with easyJet


34

Continued focus on leisure

Low fares

easyJet holidays

Drive CRM

20 new leisure routes launched this winter

35 35 35

4

11

2426

58

4

13

25

30

58

0

20

40

60

35

We will drive business travel harder

Improving average frequencies of business routes1

+15%

5 4 3 2 1 or lower

2011

2010

1. A/B routes classified by easyJet according to the yield profile by time of day. Broadly, A/B are "business" biased while C are leisure biased

+4%

+18%


Valuable market:

easyJet has a 4% share of the business

travel market in Europe

easyJet gets a yield premium of c.20% from

business customers

We will drive volume and yield:

Prioritise UK, Switzerland, France

Invest in new routes and improve frequency

easyJet lean style corporate sales force

Drive GDS harder

Leisure Top 10 routes

Business Top 10 routes

Dec Nov Oct Sept Aug Jul Jun May Apr Mar Feb Jan

Growing business routes will stabilise revenue volatility

Revenue profile

36 36 36 36

Drive £5 PBT per seat - revenue

43

7

3

0

10

20

30

40

50

53

F’10

Underlying fare

Total revenue per seat

Fees & charges

Value-added ancillaries

Grow underlying fares through

Network optimisation

Revenue management system

Driving easyJet.com and CRM

Enhanced business proposition

New channels to market

Grow ancillaries through innovation and better execution

Invest in CRM capability

easyJet holidays

Improve in-flight margins

Yield manage fees and charges

In line with customer proposition

Deliver transparent pricing

Yield manage ‘unbundled fare’

Yield

manage

£


37 37 37

Drive £5 PBT per seat – easyJet lean

Opportunities in ground handling

Reduction in disruption costs as

operational performance improves

Over past 3 years significant

complexity built into crew thus strong

potential for savings:

Measured approach

Smart cost management

More flexi crew

Flexible roster pattern

Reduce rule sets / contract types

Greater proportion of A320 aircraft to

drive unit cost reduction

Ground

handling

274

Airport

charges

530

Navigation

256

Overhead and

disruption

278

Ownership

200

Maintenance

177

Crew

336

Underlying costs excluding fuel F’10

£m

Low cost is our competitive advantage and must be maintained


38 38

Case study - A320 introduction

Undisturbed routes reviewed

Cost per seat reduction of 7%

Contribution per block hour increased by 20%

Proportion of A320’s in the fleet will increase from 12% to 25% of the fleet

by 30 September 2013


39 39 39

Excellent execution

Commitment of the entire team Review of business was an end to end process involving entire senior management team

Clear work plans and accountabilities to ensure delivery of plans

Communication and engagement across the organisation

Drive operational performance Instigated daily operations meetings

Upgrade and invest in IT to enable simplicity as we grow in Europe

Focus, team work and excellent execution will deliver shareholder

value


40

Vision – Turning Europe Orange

Strong presence in the UK

Flying to convenient, primary airports


Targeted flexible growth in convenient,

primary airports

Improve CRM capability, segment

customers and engage with them

Build an easyJet style business proposition

Smart cost management to maintain

ability to offer low fares

Build in processes to ensure continued

simplicity and excellent execution

Maintaining the easyJet foundations While ensuring success in the future

Booking process focused around

easyJet.com

Focus on leisure proposition

Low cost culture

Organisational simplicity

Outcome: £5 profit per seat

41

Capital structure review Chris Kennedy

Chief Financial Officer

42 42 42 42

Capital structure review

Capital structure reviewed to ensure easyJet has sufficient financial resource to

support plans for the business

F’11 to F’13 planned growth in seats flown of c. 7% p.a.

F’14 onwards flexibility to grow at between 4% and 8% p.a.

Balance sheet stress tested for industry shocks e.g. extreme jet prices


30 Sept 2011 30 Sept 2012 30 Sept 2013

A319 167 169 164

A320 35 45 55

A321 1

B737 2 - -

Total 204 214 220

Net increase in fleet size 8 10 6

Net capital expenditure * $249m $400m $600m

* Assume 70% owned 30% leased

43

95.4

72.5

166.9

247225.2

270.8

296.2

134.5

363.4

0

50

100

150

200

250

300

350

400

2002 2003 2004 2005 2006 2007 2008 2009 2010

43 43 43

easyJet well financed

Un-drawn facilities of $754m *

Cash and money market deposits of £1,172m*

38 un-encumbered aircraft*

Growth in F’12 and F’13 is planned at 7% p.a.

Flexibility post F’13 for growth to be between 4% and 8% p.a. dependent on opportunities available


£m

* As at 30 September 2010

Net cash flow from operations

44 44 44 44

Focus on return on capital

Strong potential for easyJet to improve profit per seat to £5

With introduction of the dividend policy and focus on a prudent

balance sheet Board will target post tax ROCE of 12% going forward

Targets

Capital

structure

Dividend

policy


5 x cover; annual payment based on full year profit after tax introduced

for F’11 results, payable F’12

Formula provides clarity and allows for impact of extreme events (fuel,

volcano)

Liquidity target of minimum £4m cash per aircraft

Leverage cap of £10m adjusted gross debt per aircraft

Net gearing not to be over 50%

Outlook and summary Carolyn McCall

Chief Executive

45

46 46 46 46

Outlook

Capacity measured in seats flown, adjusting for the impact of disruption is expected to

increase compared to the prior year by around 8% as easyJet continues with its strategy

of carefully targeting growth. On a reported basis, capacity is expected to be up by 12%

for the full year and 14% in the first half. The current expectation is that competitor

capacity on easyJet routes will be up by low single digits.

Over 45% of the available first half seats now sold and forward bookings are in line with

the prior year. Total revenue per seat in the first half is expected to be broadly flat on a

reported basis (at current exchange rates) * versus the prior year and slightly up at

constant currency despite a greater proportion of A320 aircraft in the fleet and the impact

of increased APD in the UK and its introduction into Germany.

Total reported cost per seat excluding fuel (at current exchange rates) * is anticipated to

fall by around 4% on a underlying basis, assuming normal levels of external disruption.

Improvements in maintenance and ownership costs and a reduction in disruption related

costs will offset the impact of planned increases in crew costs as we build more resilience

in to the operation.

The economic outlook in Europe remains uncertain and the continuing level of ATC

industrial action is causing disruption to our flying programme and driving additional cost.

However, the strength of the easyJet network combined with its proposition of offering

consumers the best value fares to convenient airports means that easyJet is well

positioned for future success.

* US$1.60/£, €1.18/£ and US$788 per metric tonne at noon on 15 November 2010

47 47 47

Summary

Business continues to trade well

ATC disruption continues to present challenges

Business and capital structure review complete

easyJet strongly positioned for future growth

Advantaged network

Focused on the customer

Strong cash generation

Guiding principle will be margin improvement - £5 PBT per seat

Smart cost management

Business traveller opportunity

Network optimisation

Flexibility in fleet planning

47

Question and answer

48

Appendix

49

50 50 50 50

£m unless stated ROE

Opening shareholders funds 1,307

Closing shareholders funds 1,501

Average shareholders funds 1,404

Profit after tax 121

Return on equity (ROE) 8.6%

Comparison of ROE and ROCE

50

£m unless stated ROCE

Average shareholders funds from above 1,402

Average net debt 43

Average shareholders funds plus average net debt 1,445

Earnings before interest and tax (EBIT) 174

Normalised operating profit after tax (NOPAT) * 127

Return on capital employed (ROCE) 8.8%

* NOPAT calculated using weighted average of deferred UK tax rate of 27% and overseas

statutory rates.

51

October November December January February March

F'11 F'10

51 51

Forward bookings in line

51

First half bookings broadly in-line with prior year

Over 45% of available winter seats now sold

% seats sold *

*as at 12.11.10.

F’11

F’10

full year results analyst and investor presentation · investor presentation 16 november 2010 ....

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