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much discussion about the possibility of environmental
or other taxes being levied by the EU or other
governments. Any increase in taxes may lead to loss of
customers who are highly sensitive to changes in prices.
Fuel price fluctuations
Fuel is a significant cost to easyJet, being 26.7% of the
cost base during the 2007 financial year. During the
last ten years, the price of fuel has been subject to
significant volatility. Whilst the Group’s hedging activities
can provide some degree of protection against
short-term price volatility, easyJet is exposed to fuel
price movements over longer time periods, which
could be material to the cost base.
Currency fluctuations
easyJet has significant US dollar denominated costs
relating to the purchase price of an aircraft, aircraft
financing costs, maintenance reserve payments, engine
maintenance costs and fuel purchases. The US dollar is
subject to significant volatility against sterling. Whilst the
Group’s hedging activities can provide some degree
of protection against short-term exchange rate
movements, easyJet is exposed over longer time
periods, which could be material to the cost base.
Landing charges and airport access
Many of the airports which easyJet fly to are regulated,
and charges are levied by way of regulatory decision
rather than by commercial negotiation. As such, easyJet
has little influence in the future level and even the basis
of charges, which may result in costs increasing at
beyond the level of inflation.
Airport access
The availability of suitable landing slots at airports is key
to easyJet’s continued growth. Many airports are slot
constrained and are subject to regulation. This means
that there is a risk that slots may not become available.
Furthermore, environmental regulation such as noise
restrictions and curfews may further restrict availability.
easyJet does not own its name or branding
easyJet does not own its trademarks, domain names
or any rights to its orange and white livery. These are
licensed from easyGroup IP Licensing, which is
controlled by Stelios Haji-Ioannou, a Director and the
major shareholder. The licence imposes duties on
easyJet to maintain high standards in the use of the
brand and also restricts the business activities that
easyJet can carry on. A loss of the licence to use the
brand could have a substantial adverse effect on the
business of the Group. Furthermore, the easy brand
is used by a number of other franchises and companies
controlled by Stelios Haji-Ioannou. easyJet may be
adversely affected should there be failures or problems
in these businesses.
Dependence on technology
easyJet is heavily dependent on technology to operate
its business. In particular, there are three key systems:
eRes, which is used to process seat purchases and
manage reservations; RMS, which is used for yield
management; and AIMS, which is used to manage
operational data and crew positioning. Whilst easyJet
has a comprehensive system of back up and protection,
an outage of any of these systems could result in a
material adverse effect for the business.
Dependence on third party service providers
easyJet has entered into agreements with third party
service providers for services covering a significant
proportion of its cost base. This includes aircraft
maintenance, pilot training, and ground handling services
at airports, where easyJet considers that such services
can be provided more efficiently and effectively by
third parties. The loss of any of these contracts, any
inability to renew them or any inability to negotiate
suitable replacement contracts could have a material
adverse effect. Furthermore, there can be no
assurance that contract renewals will be at favourable
rates or that there will be suitable alternative service
providers on some of the newer, less developed routes.
20 easyJet plc
Annual report and accounts 2007
Industrial action
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
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