TIDMEZJ

RNS Number : 4488E

easyJet PLC

06 November 2020

6 November 2020

easyJet plc

('easyJet')

This announcement contains inside information

easyJet Statement - Aircraft Sale and Leaseback

easyJet is pleased to announce the sale and leaseback of a further eleven aircraft with two counterparties. The transactions generate total cash proceeds of $169.5 million (approximately GBP130.7m).

Ten A320 family aircraft were sold to ACS Aero 2 Beta Limited. The cash sales proceeds were $124.5m (approximately GBP96.0m), and the aircraft will be leased back for an average term of 58 months, creating lease obligations of approximately GBP66.8m. The net book value of the aircraft at the date of transaction was approximately GBP117.9m.

easyJet also sold one A320 family aircraft to JLPS Holding Ireland Limited for cash proceeds of $45.0m (approximately GBP34.7m).

Over the terms of the eleven leases the average incremental net annual headline cost reflected in easyJet's income statement will be approximately GBP6.4 million, which is driven by increases in interest charges and depreciation.

On completion of these further sale and leaseback transactions, easyJet now retains 141 fully owned and unencumbered aircraft, representing approximately 41% of the fleet.

easyJet will continue to review its liquidity position on a regular basis and will continue to assess further funding options, including those that exist in the robust sale and leaseback market.

Following the UK Government's announcement on Saturday, as well as similar announcements in Germany and France recently, easyJet now expects to fly no more than c.20% of planned capacity for Q1 of Financial Year 2021. We remain focused on cash generative flying over the winter season in order to minimise losses during the first half and retain the flexibility to ramp capacity back up quickly when we see demand return.

For further details please contact easyJet plc:

Institutional investors and analysts:

   Michael Barker         Investor Relations              +44 (0)7985 890 939 
   Holly Grainger          Investor Relations              +44 (0)7583 101 913

Media:

   Anna Knowles          Corporate Communications +44 (0)7985 873 313 
   Edward Simpkins      Finsbury                           +44 (0)7947 740 551 / (0)207 251 3801 
   Dorothy Burwell        Finsbury                           +44 (0)7733 294 930

A copy of this statement is available at http://corporate.easyjet.com/investors

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END

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(END) Dow Jones Newswires

November 06, 2020 13:40 ET (18:40 GMT)

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