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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
degree to support the growth but benefit from
continuing economies of scale and are able to spread
those costs over the increased capacity. For 2007 our
overhead cost per seat improved 4.0% from £2.27 in
2006 to £2.18 in 2007.
Profit before tax and return on equity
Profit before tax for 2007 amounted to £201.9 million;
after excluding the one-off benefit of £10.6 million
relating to the reinstatement of our investment in
The Airline Group, underlying profit before tax was
£191.3 million. This is a 48.1% increase over 2006 and
equates to a profit per seat of £4.30 compared to
£3.32 in the previous year.
With total revenue per seat falling by 3.0% but total
cost per seat improving by 5.8% our profit margin
increased by 2.7 percentage points from 8.0% in 2006
to 10.7% in 2007.
The effective tax rate for the year was 24.6% (2006:
27.2%). The decrease is primarily due to amendments
made in relation to earlier years of £5.5 million and
a one-off benefit due to a reduction in the tax rate
at which deferred tax liabilities will crystallise of
£3.3 million. For 2008 the expected effective tax
rate is estimated to be 25%.
In terms of our core financial performance measure,
return on equity, the headline result for the year was
14.3%. This does include the benefit of The Airline
Group one-off and after excluding this underlying
return on equity for the year was 13.6%.
This represents a very pleasing improvement
of 3.5 percentage points from 10.1% in 2006 and
means that over the last two financial years we have
increased the return on equity for our shareholders
by 6.5 percentage points. The Board has set return on
equity as its key financial measure as it best represents
the return attributable to equity shareholders.
Financial review
continued
Balance sheet highlights
• Net assets increased by 17.2% to £1,152.4 million
• Property, plant and equipment increased by
£240.1 million due to the delivery of a further
17 owned A319 aircraft and some capital
expenditure incurred on the refit of easyJet’s
new Luton head office
• Other non-current assets increased largely due
to the reinstatement of easyJet’s investment in
The Airline Group
• Net working capital increased as a result of additional
unearned revenue as a consequence of increased
flight capacity, and tax payable increasing on
higher profits
• The total of cash and cash equivalents and money
market deposits is £912.5 million; an increase of
£51.8 million on the prior year. During the year
US dollar cash balances were increased in order to
match US dollar denominated borrowings. This cash
was invested for 90 days or more in order to match
the interest rate re-pricing of these borrowings.
These amounts are disclosed as money market
deposits and amount to £193.4 million. The overall
increase in cash and money market deposits was
small compared to the profit for the year as cash
generated from operations was invested in the fleet
• Cash and cash equivalents exclude £48.8 million
of restricted cash which is disclosed in other
non-current assets and net working capital.
These amounts relate principally to customer
payments for packaged holidays and operating
lease deposits
• Borrowings increased by £39.4 million as a result
of additional mortgage finance for seven aircraft
delivered in the year. Ten additional aircraft were
purchased for cash
The notional debt related to aircraft held under
operating leases reduced substantially, principally due
to the weakness of the US dollar against sterling,
therefore gearing reduced to 20.4% at 30 September
2007 from 31.0% in 2006.
Shareholders expect us to retain a prudent cash
balance, yet also manage the balance sheet efficiently.
Accordingly, the Board has decided to seek shareholder
approval at the Annual General Meeting to be held on
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