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Large parts of the easyJet workforce are unionised.
Collective bargaining takes place on a regular basis.
If there is a breakdown in this process, then operations
could be disrupted with a resultant adverse effect on
the business. The same applies to many of our key
third party service providers, where similar issues exist.
easyJet is proud of its good relationship with the unions,
and has never been subject to significant strike action,
but there is no guarantee that this will continue into
the future.
Treasury management
Liquidity and investments
The cash, cash equivalents, restricted cash balances
and money market deposits at 30 September 2007
totalled £961.3 million (2006: £899.0 million). The Group
continues to hold significant cash or liquid funds as a
form of insurance to mitigate the impact of potential
business disruption events. During the year the Board
approved an absolute minimum level for this liquidity
that must be maintained at all times so as to provide
this assurance. Surplus funds are invested, in line with
Board approved policy, in high quality short-term
liquid instruments, usually money market funds or
bank deposits. Credit risk is managed by limiting the
aggregate exposure to any one individual counterparty,
based on its credit rating. Such counterparty exposures
are regularly reviewed and adjusted as necessary.
Accordingly, the possibility of material loss arising
in the event of non-performance by counterparties
is considered to be unlikely.
Management of financial and fuel price risks
The Board of Directors is responsible for setting
treasury policy and objectives, and approves the
parameters within which the various aspects of
treasury risk management are operated. Approved
treasury policy outlines the Group’s approach to
corporate and asset financing, interest rate risk, fuel
price risk, foreign exchange risk and cash and liquidity
management. The policy also lists the financial
instruments and time periods which the Group’s
treasury function is authorised to use in managing
financial risks. The policy is under ongoing review to
ensure best practice in light of developments in the
trading and financial markets.
The treasury function implements the agreed policies
on a day-to-day basis to meet the treasury objectives.
These objectives include ensuring that the Group has
sufficient liquidity to meet its day-to-day needs and
to fund its capital commitments; deploying any surplus
liquidity in a prudent and profitable manner; managing
currency, fuel, interest rate and credit exposures; and
managing the Group’s worldwide relationship with
banks and financial institutions.
Financing and interest rate risk
All of the Group’s debt is asset related, reflecting the
capital intensive nature of the airline industry and the
attractiveness of aircraft as security to lenders and
other financiers. These factors are also reflected in
the medium term profile of the Group’s loans and
operating leases. The incidence of repayments of loans
and finance leases is shown in note 15. During the year
ten aircraft were cash acquired. In addition 11 of the
49 Airbus aircraft to be delivered through to 2009
have committed financing in place at 30 September
2007 (2006: 18 of 53).
Group interest rate management policy aims to
provide certainty in a proportion of its financing.
All Group loans are at floating interest rates repricing
every three to six months, while a minimum of 40% of
operating lease rentals are based on fixed interest rates
at the time of aircraft delivery. Of the operating leases
in place at 30 September 2007 approximately 54% of
lease payments were based on fixed interest rates and
46% were based on floating interest rates (2006: 56%
fixed, 44% floating).
The Group’s loan borrowings and operating leases are
denominated in US dollars and sterling. The Group’s
aircraft are priced in and transacted in US dollars
and 62% of loans outstanding at 30 September 2007
were priced in US dollars and 38% in sterling (2006:
68% US dollars, 32% sterling).
Financial review
continued
Foreign currency risk
The predominant currency exposure for the Group is
to the US dollar. Capital, lease, fuel, and some mortgage
payments and proceeds from the sale of aircraft are
denominated in US dollars. As a result the Group can
experience adverse or beneficial effects arising from
exchange rate movements. The Group seeks to reduce
its foreign exchange exposure arising from transactions
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