TIDMEZJ
RNS Number : 2705V
easyJet PLC
10 December 2021
10 December 2021
easyJet plc
(the "Company")
Annual Report and Accounts
Further to the Final Results announcement released on 30
November 2021, the Company confirms that the Annual Report and
Accounts for the year ended 30 September 2021 ('2021 Annual
Report') has been made available to shareholders today and is
available on the Company's website at http://corporate.easyjet.com
.
In accordance with Listing Rule 9.6.1, the 2021 Annual Report
has been submitted to the National Storage Mechanism and will
shortly be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The appendix to this announcement contains additional
information which has been extracted from the 2021 Annual Report
for the purposes of compliance with the FCA's Disclosure Guidance
and Transparency Rules and should be read together with the Final
Results announcement from 30 November 2021, which can be found at
http://corporate.easyjet.com/investors/regulatory-news . Together
these constitute the information required by DTR 6.3.5 to be
communicated to the media in unedited full text through a
Regulatory Information Service. This information is not a
substitute for reading the full 2021 Annual Report.
For further details please contact easyJet plc:
Institutional investors and analysts:
Michael Barker Investor Relations +44 (0) 7985 890 939
Adrian Talbot Investor Relations +44 (0) 7971 592 373
Media:
Anna Knowles Corporate Communications +44 (0) 7985 873 313
+44 (0) 7947 740 551 / (0)
Edward Simpkins Finsbury 207 251 3801
+44 (0) 7733 294 930 / (0)
Dorothy Burwell Finsbury 207 251 3801
LEI: 2138001S47XKWIB7TH90
Appendix: additional information required by DTR 6.3.5
Page and note references in this appendix refer to page numbers
and notes in the 2021 Annual Report.
Directors' Responsibilities and Statements
The following responsibility statement is extracted from the
Statement of Directors' Responsibilities on page 158 of the 2021
Annual Report and Accounts and is repeated here solely for the
purpose of complying with DTR 6.3.5. The statement relates to the
full 2021 Annual Report and Accounts and not the extracted
information presented in this announcement or the Final Results
announcement.
The Directors are responsible for preparing the Annual Report,
the Directors' Remuneration Report and the accounts in accordance
with applicable law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
have prepared the group and the company financial statements in
accordance with international accounting standards in conformity
with the requirements of the Companies Act 2006. Additionally, the
Financial Conduct Authority's Disclosure Guidance and Transparency
Rules require the Directors to prepare the group financial
statements in accordance with international financial reporting
standards adopted pursuant to Regulation (EC) No 1606/2002 as it
applies in the European Union. Under company law, Directors must
not approve the financial statements unless they are satisfied that
they give a true and fair view of the state of affairs of the group
and company and of the profit or loss of the group for that
period.
In preparing these accounts, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- for the Group accounts, which have been prepared in
accordance with international accounting standards, state whether
applicable International Financial Reporting Standards (IFRS)
adopted pursuant to Regulation (EC) No 1606/2002 as it applies in
the European Union in conformity with the requirements of the
Companies Act 2006 have been followed, subject to any material
departures disclosed and explained in the accounts;
-- the company financial statements, which have been prepared in
accordance with international accounting standards, state whether
conformity with the requirements of the Companies Act 2006 have
been followed, subject to any material departures disclosed and
explained in the accounts;
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group's and the
Company's transactions and disclose with reasonable accuracy at any
time the financial position of the Group and the Company. This
enables them to ensure that the accounts and the Directors'
remuneration report comply with the Companies Act 2006 and, as
regards the Group accounts, Article 4 of the IAS Regulation. They
are also responsible for safeguarding the assets of the Group and
the Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity
of, amongst other things, the financial and corporate governance
information provided on the easyJet website
(https://corporate.easyjet.com). Legislation in the United Kingdom
governing the preparation and dissemination of accounts may differ
from legislation in other jurisdictions.
The Directors consider that the Annual Report and Accounts,
taken as a whole, are fair, balanced and understandable and provide
the information necessary for shareholders to assess the Group's
and the Company's position and performance, business model and
strategy.
Each of the Directors, whose names and functions are listed on
pages 98 to 101, confirm that, to the best of their knowledge:
-- the Group accounts, which have been prepared in accordance
with international accounting standards and International Financial
Reporting Standards (IFRS) adopted pursuant to Regulation (EC) No
1606/2002 as it applies in the European Union, and Company accounts
which have been prepared in accordance with international
accounting standards in conformity with the requirements of the
Companies Act 2006, both give a true and fair view of the assets,
liabilities, financial position and profit of the Group and
Company;
-- the Strategic Report, included in the Annual Report, includes
a fair review of the development and performance of the business
and the position of the Group, together with a description of the
principal risks and uncertainties that it faces.
In accordance with section 418 of the Companies Act 2006, each
Director in office at the date the Directors' Report is approved,
confirms that:
-- so far as the Director is aware, there is no relevant audit
information of which the Company's auditor is unaware; and
-- he/she has taken all the steps that he/ she ought to have
taken as a Director in order to make himself/herself aware of any
relevant audit information and to establish that the Company's
auditor is aware of that information.
The Annual Report on pages 1 to 158 was approved by the Board of
Directors and authorised for issue on 30 November 2021 and signed
on its behalf by:
JOHAN LUNDGREN Chief Executive KENTON JARVIS Chief Financial Officer
Principal Risks and Uncertainties
The risks and uncertainties set out below are extracted from the
pages 78 to 95 of the 2021 Annual Report and Accounts and are
repeated here solely for the purpose of complying with DTR
6.3.5.
Our risk profile
The Board has responsibility to ensure that risks are identified
and mitigated where possible. Whilst easyJet can monitor risks and
prepare for adverse scenarios, the ability to affect the core
drivers of many risks is not within the Group's control (for
example adverse weather, pandemics, acts of terrorism, changes in
government regulation and macro-economic issues).
The principal risks and uncertainties faced by the Group include
the following types of risks:
-- Safety, security, and operations - the delivery of a safe and
secure operation which meets the needs and expectations of our
customers, including the impacts of epidemics and pandemics.
-- Technology and cyber - the availability, security, compliance
and performance of website and critical technologies, and the
protection of Company and customer data.
-- Environment and sustainability - the impacts of climate
change on our business and operations, carbon credit programmes and
regulation/taxation.
-- Asset efficiency and effectiveness - making the best use of
capacity/slots and fleet mix in the right airports at the right
prices, and driving value through our supply chain.
-- Legislative/regulatory landscape - being aware of, and
compliant with, legislation and regulation affecting our
business.
-- Macro-economic and geopolitical - events that can affect our
financial performance including supply/demand imbalance, general
economic trends and the impact of fuel cost, foreign exchange
rates, and counterparty performance.
-- People - having the right people through talent acquisition,
retention, engagement, and succession planning.
As with all businesses, our principal risks and uncertainties
are continually evolving.
Climate change: Physical and transition risks
Climate change presents significant financial impacts to easyJet
from both physical and transition risks. In the next five years, in
light of the challenge of coordinating global climate action,
modest political, economic, and social changes will drive financial
impact. More significant action to stimulate a low-carbon
transition will accelerate the rate of transition and increase the
magnitude of impacts to the business.
easyJet currently has the following risk management controls and
capabilities to limit the impacts of climate change:
-- Inclusion of Airbus neo aircraft into the fleet which are 15%
more fuel efficient per seat than the standard variant;
-- Offsetting of the carbon emissions, funded by easyJet, from
the fuel used on every plane flown. For package holidays provided
by easyJet holidays, we have extended the offsetting to cover the
carbon emissions from the fuel used for transfers, and from the
energy for hotel stays;
-- A range of fuel and carbon saving initiatives, for instance
operating flights at high load factors, flying point-to-point and
using only one engine when taxiing on the ground; and
-- Disruption management measures include advanced winter
planning, standby crews and aircraft, as well as the continual
review of flight plans to ensure the optimal routings.
To limit the impact of our carbon emissions, easyJet has already
taken several steps:
Compliance with regulatory requirements/standards : Our
participation in the EU, UK and Swiss Emissions Trading System
(ETS) drives us to focus on continuing to be as efficient as we
can; i.e. by investing in transitioning our fleet to more modern,
fuel efficient aircraft; using technological developments and
flying techniques to operate them in ways which avoid unnecessary
use of fuel and therefore carbon emissions.
A focus on energy efficiency : easyJet operates from sites
across Europe including a large office and engineering operational
presence in Luton in the UK and Berlin in Germany. Living up to
'Our Promise' to be Safe and Responsible informs how we operate
day-to-day and that includes our ground-based operations. We have
initiatives in place focused on deploying the latest
energy-efficiency technologies and procedures to reduce our
ground-based emissions. For more information, refer to page 49
Stimulating low-carbon product R&D : easyJet supports the
development of innovative aviation technologies, working with
industry partners to reinvent aviation over the long term to
achieve net zero carbon emissions. easyJet has a partnership with
Airbus to jointly research the opportunities and challenges of
introducing planes powered by hydrogen-combustion,
hydrogen-electric, or a hybrid of both for short-haul flying in
Europe by the mid-late 2030s. Furthermore, easyJet has been
supporting Wright Electric over the last five years, which is
aiming to produce a zero carbon emissions commercial aircraft which
could be used for short-haul flights. easyJet also engages with
policymakers and lawmakers to help ensure the regulatory
environment supports the adoption of zero emissions aircraft in
commercial aviation.
Compensating for our emissions : As announced in November 2019,
we were the world's first major airline to offset the carbon
emissions from the fuel used for all flights. We are doing this by
offsetting the carbon emissions from the fuel used for all our
flights, our ground-based operations and package holidays, through
schemes certified by the highest verification standards. Since
then, we have gone further, offsetting our organisational carbon
emissions (Scope 1 & 2) and, for package holidays, offsetting
the carbon emissions from the fuel used for transfers, and from the
energy for hotel stays.
Only programmes which meet either the Gold Standard or Verified
Carbon Standard (VCS) certifications are supported, including
projects that protect against deforestation and renewable energy
projects. Certifiers ensure reductions claimed by individual
programmes would not have happened without that project and that
reducing carbon emissions in one place does not inadvertently
increase emissions elsewhere.
We know that offsetting is an interim solution and so we also
continue to strive to reduce our carbon emissions and support the
development of new technologies. Therefore, during 2021, easyJet
worked in partnership with the Cambridge Centre for Risk Studies
(CCRS) to conduct a detailed assessment to identify the physical
and transitional climate change risks it is facing. Our climate
change risks were quantified using a 5-year Enterprise Value at
Risk (5yrEV@Risk) metric which shows how the risks would impact
discounted cash flows over five years within a given confidence
interval, e.g. 95%. The quantification and supporting research and
analysis will further assist in the allocation of resource and
capital to manage these risks.
In the near-term horizon, the potential range of impacts is
driven mainly by transition risk. In the next five years,
transition risk is likely to evolve rapidly with developments in
regulation, energy supply/demand, legal process, etc. There is
significant variation in transition risk across emission pathways,
with the most ambitious mitigation strategies resulting in the
greatest risk.
There are several transition risks that are prominent, as
easyJet develops its business and operations in a changing
landscape.
They include:
-- Changes in Consumer Sentiment
-- Legislation and Policy Changes
-- Technology Developments
-- (incl. SAFs and aircraft innovation)
-- Investor Sentiment and the increase of the ESG Agenda
-- Consumer and/ or Regulator Liability Claims
The five transition risks above were identified through
easyJet's corporate risk management framework, in addition to the
physical disruption arising from climate change (physical risk).
The physical risks were reviewed and incorporated into current
principal risks, specifically Significant Operational Disruption
and Pandemic.
Plans are in place to review each transition risk in conjunction
with the current climate change risks detailed below in the
principal risks. The action is to determine individual strategies
and assign risk ownership through the corporate risk management
framework. In similar fashion to the current physical climate
change risks, ownership of these risks and their risk management
controls and capabilities sits across the Group and ultimately with
the Airline Management Board.
An update on easyJet's climate change transition risks will be
provided at the 2022 Financial Half Year Trading Update.
SAFETY, SECURITY AND OPERATIONS
easyJet's number one priority is the safety and security of its
customers, colleagues, and contractors. The delivery of a safe and
secure operation which meets the needs and expectations of our
customers is critical to our business.
Risk Commentary and areas of focus
Significant Safety or * easyJet's number one priority is the safety and
Security Event security of its customers, people, and contractors.
* The Safety Committee (a committee of the easyJet plc
Board) provides oversight of the management of
easyJet's safety processes and systems. * Inactivity and managing the safety risks arising from
it have been a focus during the recovery phase of the
pandemic. Emphasis has been placed on identifying
* The easyJet Safety Board, chaired by the CEO and training needs amongst our people and third-party
including the Chief Operating Officer (deputy- Chair) contractors.
and AOC Accountable Managers, is responsible for
directing overall safety and security policy and
governance. The Safety Board meets every month to * Enhancements have been made to operations and base
review safety performance and any emerging security risk management processes to improve reporting
issues. capabilities and feedback.
Risk Owner * This risk remains unchanged.
* Chief Operating Officer
Potential causes
* Flight safety incident
* Health and safety incident
* Major security threat
--------------------------------------------------------------
Potential consequences
* Significant injury/loss of life
* Sustained adverse media coverage
* Reduction in future revenue
* Fines/regulatory sanctions
* Operational disruption
* Significant spike in costs
* Share price movement
--------------------------------------------------------------
Controls and mitigations to prevent or reduce the
impact of the risks
* Functional Safety Action Groups from across the
airline are chaired by the appropriate senior manager
and are responsible for the identification,
evaluation, and control of safety-related risks.
* The easyJet Safety Board meets quarterly to review
safety, security and compliance performance across
all Air Operator Certificates (AOCs). Chaired by the
CEO and attended by the three AOC accountable
managers.
* Safety Review Boards are held monthly by each AOC,
chaired by the AOC accountable manager and are often
attended by the local regulator.
* A Safety Policy is published that promotes the
incident reporting process and supports this safety
culture.
* easyJet operates a Safety Management System that
includes leading software systems to:
* report incidents and identify events;
* identify hazards and threats and take appropriate
risk-mitigating actions;
* collect and analyse safety data (enabling potential
areas of risk to be projected); and
* enable learning from easyJet and industry
events/incidents to be captured and embedded into
future risk mitigations.
* Timely, credible, and reliable information upon which
to base operational decisions.
* easyJet has a Crisis Management framework that
provides emergency response and crisis management
capabilities, supported by trained personnel and
regular exercises.
* Hull (all risks) and liabilities insurance (including
spares) is held.
* Security cleared specialists continually review
geopolitical developments across the easyJet network
in particular those countries deemed to be higher
risk and report back to the Board any areas of
concern.
* easyJet maintains an inspection regime of all our
airports to ensure the security elements are being
effectively managed.
* easyJet continually reviews and develops its safety
management processes .
--------------------------------------------------------------
Risk Commentary and areas of focus
Significant Operational * Pandemic related reduced traffic demand resulted in
Disruption the European air traffic control system seeing
* Non-cancellation disruption events reduced significant reduction in Air Traffic Management
significantly in 2021 due to reduced air traffic delays.
control and airport congestion.
* Climate change related weather disruption is
Risk Owner increasing but managed in part through a partnership
* Chief Operating Officer with the Met Office, which supports with weather
prediction.
* Significant work has been undertaken to improve
easyJet's preparedness, including a move to exceptio
n
management and improved decision-making tools.
* Phase 1 of a Self-Service Disruption Management tool
was launched in summer 2021 that provides greater
control to customers in the event of disruption.
* Increased use of the Crisis Policy due to the
pandemic has resulted in improvements and greater
understanding. The result is easyJet is better
prepared to deal with significant disruption events
should they occur, which will limit the financial an
d
customer impact.
* easyJet continues to face disruption challenges but
the pre- and post-event preparedness has positioned
the operation well and reduced this risk.
Potential causes
* Adverse weather
* Physical impacts of climate change
* Industrial action
* Technology failure
* Destructive cyber-attack (i.e. ransomware)
* Supplier failure
* Infrastructure failure
* Airspace/airport restrictions/closure
* Increasing passenger disruption due to Covid-19
-------------------------------------------------------------
Potential consequences
* Customer dissatisfaction
* Compensation and welfare payable to customers
* Inefficient use of crew/aircraft
* Adverse media coverage
* Share price movement
-------------------------------------------------------------
Controls and mitigations to prevent or reduce
the impact of the risks
* Maintaining operational resilience through:
* appropriate resilience into the flying schedule;
* aircraft and crew standby;
* reporting on the day of operations, including
customer communication;
* airport performance and strategic supply chain;
* air traffic control system lobbying and flight
planning enhancements; and
* the use of data across the operation to predict and
manage events and aid decision support.
* Liquidity buffer to better manage the impact of
downturns in business or temporary curtailment of
activities.
* Business interruption insurance which provides some
cover for very significant shock events such as
extreme weather, air traffic management issues and
loss of access to key airports. The policy would
allow us to claim in the event of a very substantial
number of cancellations. This is included within our
definition of liquidity.
* Significant focus on risk mitigation of and
preparedness for a destructive cyber-attack,
including running a cyber crisis exercise for senior
Crisis Team and AMB.
-------------------------------------------------------------
Risk Commentary and areas of focus
Pandemic * Prior to the Covid-19 pandemic, at least four
* The risk associated with a pandemic is among the most infectious diseases occurred in recent years: SARS,
significant in terms of severity. Covid-19 represents Avian Flu, H1N1, and Ebola. The most significant
a paradigm shift in both severity and likelihood. differences between these epidemics and Covid-19 are
they were short-lived, local, epidemiologically less
severe, and with a much lower transmission index.
* Countries' legislation affects airlines' business
with decisions to reopen borders without
restrictions. * Previous epidemics did not result in severe
restrictions (lockdowns or route closures) and so
Covid-19 has created a new benchmark in responding to
* Vaccine availability, efficacy and people's epidemics and pandemics.
perception of risk are all factors that must be
considered.
* easyJet responded quickly and decisively on customer,
people and third-party contract health and financial
* The presence of virus variants is an example of high perspective.
predictive volatility.
* easyJet follows guidance from WHO and the
Risk Owner International Civil Aviation Organisation (ICAO),
* Chief Financial Officer which provides standards and recommended practices
for civil aviation authorities and national
governments, as well as the European Aviation Safety
Agency, the European Centre for Disease Prevention
and Control and country specific health authorities
such as Public Health England.
* We developed a Pandemic Playbook, that ensured a
collaborative response and management of operational,
financial, business continuity and recovery factors.
* Financial resilience was maintained through the
raising of circa GBP7 billion of liquidity from a
diverse range of sources, including a 5x
oversubscribed Euro Bond at competitive pricing and a
sale and lease back programme.
* Through the Covid-19 pandemic, we became adept at
responding to rapidly changing market conditions and
now have industry-leading agility to add new capacity
and pivoting our schedule to capitalise on shifts in
demand in future epidemic and pandemic events.
The likelihood of another epidemic and pandemic
event occurring has increased but, through the
actions we have taken to manage the impacts of
Covid-19 and increase preparedness, easyJet is
better prepared for future events.
Potential causes
* Global travel and physical connectivity
* Urbanisation
* Climate change
* Increased human/animal contact
* Health worker shortages
--------------------------------------------------------------
Potential consequences
* Suppressed customer demand
* Sustained adverse media coverage
* Reduction in future revenue
* Increased regulatory requirements and scrutiny
* Operational disruption
* Significant spike in costs
* Share price movement
--------------------------------------------------------------
Controls and mitigations to prevent or reduce
the impact of the risks
* A Biosecurity Standards Group is in place and
includes safety and security experts including our
company doctor and representatives from across the
airline. The Group is responsible for developing and
maintaining our single set of easyJet biosecurity
standards, which set out the
* requirements to ensure a safe and healthy environment
for our people, customers, and contractors. Standards
are translated into our Standard Operating Procedures
(SOPs) and Communications.
* The Pandemic Playbook, which acts in partnership with
our Incident & Crisis Management Playbook and
Communicable Disease Action Group, led by the Head of
Safety and with representation from key functions, is
responsible for detection, assessment, and treatment
of pandemic and epidemic events. Treatment includes
appropriate escalation.
* A Communicable Disease Policy, that promotes the
incident reporting process, supports this safety
culture.
* Governance structure including a Steering Committee
(SteerCo) involving the Chief Financial Officer,
Chief Operating Officer, Chief Commercial Officer and
Director of Strategy, to manage pandemic and epidemic
events. The SteerCo is responsible for strategic
oversight and communication with the Board. It
maintains focus on long-term recovery.
* Maintaining balance sheet strength.
* Dynamic planning and capacity management process to
manage supply and demand fluctuations.
--------------------------------------------------------------
TECHNOLOGY AND CYBER
The nature of these risks, easyJet's reliance on technology
(particularly online devices) and the ever-increasing
sophistication of serious organised crime groups, terrorists,
nation states and even lone parties means that, despite all the
mitigation detailed, easyJet will inevitably retain an element of
vulnerability regarding the availability, confidentiality and
integrity of its information and data.
Risk Commentary and areas of focus
Cyber Attack * easyJet is continually defending its operation
* The aviation sector is facing into an increasingly against disruption from sophisticated attackers. The
sophisticated and persistent cyber threat and easyJet risk from a human operated ransomware attack and/ or
is continually defending its operation against double exploitation ransomware has increased
disruption from attackers. The risk from a human exponentially.
operated ransomware attack and/ or data breach has
increased exponentially. Ransomware is a type of
malware that holds computers or files to ransom. To * Given easyJet's position we remain an attractive
regain access, the victim is required to pay a large target. This results in us needing to continually
fee. Double exploitation (where ransomware is coupled mature and enhance our controls, intelligence
with a data breach) is a growing threat. Prevention gathering and protection methods and testing our
of ransomware is a strategic priority for easyJet. defences regularly using industry experts. To help
our people keep pace with the rapidly changing
threats we face we regularly educate and raise
* A data breach involves the unauthorised access to awareness of cyber threats across our community.
customer or employee data. Protecting that data and
its privacy remains a priority for easyJet.
* The external risk environment continues to increase,
however easyJet continues to invest in, and test, our
Risk Owner cyber defences:
* General Counsel and Company Secretary
* attacks were well defended - known aviation attacking
group attempts were blocked;
* we continue to educate and raise awareness of cyber
threats across our community.
* We operate a risk-based improvement process
leveraging the NIST framework as our aligned industry
standard.
* We continuously invest in Digital Safety through our
Digital Safety Programme, whereby we evolve with the
threat landscape .
Potential causes
* Cyber attack
* Data breach
* Third-party incident
* User error
* Misconfigured systems
--------------------------------------------------------------
Potential consequences
* Sustained adverse media coverage
* Fines/regulatory sanctions
* Third-party liability/class actions
* Reduction in future revenue
* Operational disruption
* Significant spike in costs
* Share price movement
* Loss of colleague/customer trust
--------------------------------------------------------------
Controls and mitigations to prevent or reduce the impact
of the risks
* A data and cyber risk governance structure exists to
regularly review the data and cyber risk landscape
and determine required action to take place to manage
risk effectively.
* Dedicated Digital Safety team who provide assurance
over third parties, proactively monitor threats, and
respond to incidents.
* Employee education and awareness programme including
a network of champions, online training, and
awareness campaigns.
* External threat intelligence monitoring.
* Security logging and monitoring.
* Vulnerability scanning and penetration testing.
* Digital Safety programme to ensure compliance and
ensure data control and protection.
* Credit card data is protected through PCI DSS
compliance as a Level 1 Merchant. This is revalidated
annually by an external body, to which we (and they)
attest.
* Digital Safety is discussed monthly at our AMB and
quarterly at our plc Board. Additionally, as part of
our governance processes, the Digital Safety Board
meets quarterly to discuss matters related to our
Cyber security.
--------------------------------------------------------------
Risk Commentary and areas of focus
Failure of Critical Technology * Critical technologies include, but are not limited to
* easyJet relies on several critical technologies that ,
are key to the delivery of essential business operational, commercial, and financial systems. A
processes. critical technology failure includes any technical
failure which is sufficient to interrupt critical
business operations (which may include one or more
Risk Owner systems).
* Chief Information and Data Officer
* System unavailability or a failure can also lead to
loss or corruption of data.
* easyJet seized the opportunity during the period of
reduced flying resulting from the Covid-19 pandemic
to improve the IT environment e.g. airport network
refresh and a data centre upgrade.
* The external environment does present an increase in
risk; however, this has been managed through
improvements to the IT environment.
Potential causes
* Destructive cyber-attack (i.e. ransomware)
* Hardware failure
* Aged infrastructure
* Data centre outage
* Third-party outage
* Technological dependency failure
* IT change
--------------------------------------------------------------
Potential consequences
* Sustained adverse media coverage
* Reduction in future revenue
* Fines/regulatory sanctions
* Operational disruption
* Significant spike in costs
* Share price movement
--------------------------------------------------------------
Controls and mitigations to prevent or reduce the impact
of the risks
* Monitoring and alerting of availability of critical
technologies and their inter-dependencies.
* Security logging and monitoring.
* Vulnerability scanning and penetration testing.
* Non-damage business interruption insurance in place
to limit financial impact of operational disruption.
* IT Change Management Process embedded to assess risk
of all changes to technology including changes made
by third-party providers.
* Critical technologies are cloud hosted, hosted across
two data centres or at third-party provider locations
with necessary failover protocols and security
perimeters in place.
* IT Major Incident Management team is in place to
respond rapidly to any unforeseen critical technology
incidents including those of a security nature.
* IT Supplier Relationship Management process to ensure
that third-party services and associated risks are
regularly reviewed and assessed.
* easyJet is progressing the delivery of a hosting and
network programme that will further improve the
resiliency of core infrastructure and cloud
connectivity capabilities.
* IT and Digital Safety Policies and Standards that set
out the technical and organisational measures for
keeping our data and systems safe, as well as
management of our IT assets.
* As an Operator of Essential Services under the
Network and Information Systems regulation in the UK,
we have to comply with the requirements laid out in
the Cyber Assessment Framework for Aviation which
focuses on critical systems availability.
--------------------------------------------------------------
ENVIRONMENT AND SUSTAINABILITY
The environment and sustainability risks include the impacts of
climate change on our business and operations, carbon credit
programmes, regulation/taxation, and changing consumer and
colleague expectations. easyJet's promise is to be a safe and
responsible airline. This is what guides our approach to
sustainability, whether that be related to climate change, health
and safety, diversity, or employee engagement. An update on
easyJet's climate change transition risks will be provided at the
2022 Financial Half Year Trading Update.
Risk Commentary and areas of focus
Carbon Trading Scheme * Changes to carbon trading schemes, including the
* Adverse changes to carbon trading schemes, in existence and/or cost of the scheme, have the
cluding potential to create financial consequences by changes
the existence and/or cost of the scheme to existing cap and trade schemes (e.g. EU ETS) i.e.
the reduction of free allocations, would translate
into an increase in the cost of compliance for our
Risk Owner business.
* Chief Financial Officer
* easyJet continues to develop its climate change
agenda and has taken industry leading positions with
both its carbon offsetting programme and use of the
New Engine Option (neo), which produces 15% fuel
saving compared to the Current Engine Option (ceo).
easyJet has identified carbon pricing mechanisms as a
transition risk.
* However, based on the external environment easyJet
sees the potential for carbon credit pricing to
increase depending on how quickly governments wish to
meet emissions targets, which will result in
additional cost.
Potential causes
* Political change
* Uncertainty driven by Brexit
* International alignment
* External pressure groups
--------------------------------------------------------------
Potential consequences
* Closure of existing scheme
* Loss of free allocations, leading to significant cost
impact
* Introduction of new schemes
* Inability to hedge in line with fuel policy
--------------------------------------------------------------
Controls and mitigations to prevent or reduce the impact
of the risks
* easyJet influences future and existing policy and
regulations which affect the airline industry through
several different channels, including working with
relevant industry bodies to assist in this.
* easyJet looks to optimise fuel usage to reduce
emissions and therefore reduce the potential impact
of those schemes, for example ensuring optimal
routings as well as using climb, descent and landing
techniques to improve efficiency.
* easyJet has an appropriate hedging strategy.
--------------------------------------------------------------
Risk Commentary and areas of focus
Increased Taxation * Fuel is one of the biggest direct costs for easyJet.
* Future policy measures and regulation to tackle the The business maintains a focus on operational
impact of aviation on climate change could impact efficiency to save fuel and CO2. Increased taxation
easyJet's business if they impose limitations and has been included as part of our Climate Change
cost on how easyJet operates and the services it can transition risk portfolio.
provide.
* Expansion of other aviation-based taxes e.g. for
Risk Owner departing passengers, could translate into greater
* Chief Financial Officer compliance costs.
* The financial impact of this risk is increasing due
to external pressures applied by various countries
across our network.
Potential causes
* Political change
* External pressure groups
* Customer demand
--------------------------------------------------------------
Potential consequences
* Significant increase in cost of existing aviation
taxes/levies
* Future expansion of taxes/levies
* Policies to constrain growth/capacity
* Increasing noise curfews
* Pressure on margins
--------------------------------------------------------------
Controls and mitigations to prevent or reduce the impact
of the risks
* By engaging with key stakeholders, easyJet seeks to
reach a common understanding on the drive to impose
policy measures and regulation to address the impact
of aviation on climate change. This includes
advocating for fair and proportionate measures which
incentivise airlines to be efficient and which cover
all sources of aviation emissions.
* easyJet continues to explain its environmental
performance, and the further action it is taking, to
its customers and other stakeholders. For example,
this has included highlighting the introduction of
the A320neo and A321neo aircraft and their reduced
emissions compared to previous generation aircraft,
and work with partners regarding new technologies to
radically reduce the carbon footprint of flying.
* easyJet can operate flexible routings in the event of
constraints being brought in.
* The new generation Airbus A320neo and A321neo
aircraft are 50% quieter during take-off and landing
than the equivalent previous generation aircraft.
--------------------------------------------------------------
ASSET EFFICIENCY AND EFFECTIVENESS
We maintain our competitive cost advantage by making the best
use of capacity/slots and fleet mix in the right airports at the
right prices and driving value through our supply chain.
Risk Commentary and areas of focus
Airport Infrastructure * Due to lower volumes of traffic across the European
* Flying to primary airports is an important element of air traffic network, congestion did not play a
our customer proposition. The airports to which we significant part in the day to day operation. However
fly may already be or may become congested. due to changing travel restrictions, traffic flows
moved at relative short notice, which in some cases
caused more localised traffic issues at major
Risk Owner destination airports.
* Chief Commercial Officer
* With flying volumes expected to increase throughout
2022, easyJet is anticipating congestion to return to
pre-pandemic levels and will rely on the existing
controls and mitigations to manage the risk.
Potential causes
* Increased competitor capacity
* Environmental restrictions/pressure restricting
airport expansions
* Delays in airport infrastructure expansion
* Increase in airport charges
* Changes in regulation
* Ineffective slot management
* Ineffective management of the airport operational
environment
--------------------------------------------------------------
Potential consequences
* Weakened customer proposition
* Loss of market share
* Inefficient use of crew/aircraft
* Significant increase in costs
--------------------------------------------------------------
Controls and mitigations to prevent or reduce the impact
of the risks
* Where easyJet is affected by industrial action or
other service interruption by a key supplier,
resources are deployed to manage this as effectively
as possible.
* Sophisticated processes and systems to ensure slot
transactions are made in an efficient and effective
manner.
* Effective cross-functional governance to ensure
optimal business decisions are made.
* easyJet closely monitors airport capacity through a
dedicated airport development team. The team works
with airports to ensure the development of
appropriate capacity for easyJet in a cost efficient
and timely manner.
* Managing aircraft gauge to improve our ability to
grow.
--------------------------------------------------------------
Risk Commentary and areas of focus
Continuity of Services * During 2021, significant enhancements were made to
* easyJet is dependent on a mixture of critical our Crisis Framework and our approach to dealing with
technology and processes, employees, buildings/ service continuity risks.
facilities and third-party suppliers. A loss of one
or more of the above components could lead to
significant disruption to operations and could have * The Crisis Policy was developed to operate in a
an adverse reputational, financial or legal impact hybrid working environment, so Crisis Team members
. can manage crises remotely. In addition, the Crisis
Centre was upgraded to support our hybrid working
environment.
Risk Owner
* Chief Operating Officer
* Our Safety Risk team reviewed all critical suppliers
ahead of the restart to flying to ensure they were
prepared, and the inactivity risk was well managed by
identifying and addressing training requirements.
* Our Procurement Process was enhanced to include
specific questions on suppliers' business continuity
plans and to identify and assign appropriate
ownership.
* With the enhancements made, increased use of the
Crisis Policy and Procedure and a more flexible
approach available, easyJet is better positioned to
respond to continuity risks during 2022 and beyond.
Potential causes
* Failure of critical technology
* Destructive cyber-attack (i.e. ransomware)
* Significant external incident (weather, activism,
terrorism)
* Failure of third party
* Industrial action
--------------------------------------------------------------
Potential consequences
* System unavailability for customers and/or staff
* Inability to access key buildings/facilities
* Sustained adverse media coverage
* Unavailability of critical staff
* Reliance on inadequate supplier recovery plans
* Brand/reputation impact
* Operational disruption
--------------------------------------------------------------
Controls and mitigations to prevent or reduce the impact
of the risks
* The four key areas of business resilience (IT and
processes, people, premises, and suppliers) all form
part of easyJet's functional business and airport
Business Continuity Plans.
* Critical IT systems are identified with ongoing
efforts to match the business needs with recovery
capabilities. The risk of system unavailability is
now mitigated further, thanks to the adoption
* of the cloud and the select use of externally hosted
systems, in addition to easyJet's two data centres.
* Incident Management Teams are in place 24/7 to manage
low level IT incidents. If there is a major incident
or an escalation of an incident that has a wider
impact on other parts of the business and
stakeholders, then it can be escalated into the
Crisis Management framework via the Network Duty
Manager.
* Time-critical staff have been identified via Business
Impact Assessments and Business Continuity Plans,
with regularly tested recovery desks allocated at
alternate locations, should the usual place of work
be unavailable. An increased provision of laptops and
tablets also enables greater mobility and remote ways
of working.
* Procurement processes include risk assessments
aligned with business objectives. These require
relevant third parties to have their own Business
Continuity/ Disaster Recovery plans and we are
implementing a process to review a sample of these
each year.
* Maintain close working relationships with key
stakeholders including, but not limited to, airport
authorities and slot coordinators, lobbying where
appropriate .
--------------------------------------------------------------
Risk Commentary and areas of focus
Non-Delivery of Strategic * Market volatility arising from Covid-19 and its
Initiatives impacts, the external environment and organisational
* The business continues to undertake several priority changes are having a negative effect on
initiatives to support its strategy. delivery of strategy initiatives. However, internally
we have improved the control environment through
greater ownership, improved business planning,
Risk Owner reporting and involvement of subject matter experts.
* Chief Data and Information Officer
* This risk remains stable.
Potential causes
* Inappropriate resource dedicated to change delivery
and oversight
* Changes in organisation's priorities (may be driven
by internal or external factors)
* Scope change/time available
* Approach and methodology for complex programmes
---------------------------------------------------------------
Potential consequences
* Business benefits not realised
* Financial underperformance
* Inefficient use of resource
---------------------------------------------------------------
Controls and mitigations to prevent or reduce the impact
of the risks
* Complex, large-scale programmes have been initiated
and prioritised through the Enterprise Project
Management Office.
* The Enterprise Project Management Office oversees
delivery of projects and programmes ensuring
dependencies are managed across the portfolio.
* A project management framework, which sets out
approval processes, governance requirements, and key
ongoing processes and controls, is followed by all
projects and programmes, and reviews are undertaken
to ensure continuous improvement in this approach.
* Each strategic initiative has an executive sponsor
and a Leadership 50 lead assigned and its own
steering group, which provides oversight and
challenge to the project, monitors progress against
programme objectives (including budget, benefit
realisation and appropriate resource) and ensures
that decisions are made at the appropriate level.
* Key strategic initiatives are managed by dedicated
programme management resource with the right skills
and behaviours, complemented by subject matter
specialist resource where appropriate.
* The executive sponsor provides routine updates to the
Airline Management Board and can use this as an
escalation channel for any issue resolution.
* The Board also receives updates on key strategic
initiatives including any risks or issues to
achieving the key milestones that enable the
achievement of the five-year plan.
* The Internal Audit function provides independent
programme assurance over our most significant
initiatives, drawing upon independent subject matter
expertise where appropriate.
---------------------------------------------------------------
Risk Commentary and areas of focus
Single Aircraft Type Operation * easyJet continues to operate a single type aircraft
* easyJet is dependent on Airbus as its sole supplier fleet.
for aircraft. The Board considers that the
efficiencies achieved by operating a single fleet
type outweigh the risks associated with easyJet's * The operation is set up to manage the risks
single fleet strategy. associated with a single aircraft operation, with
maintenance and fleet management reviewed each year
to minimise the potential impact.
Risk Owner
* Chief Financial Officer
* Both the internal and external environment around
this risk remain stable.
Potential causes
* Delays in the delivery of new aircraft
* Technical/mechanical issues
* Fluctuating second-hand market
-------------------------------------------------------------
Potential consequences
* Schedule reductions/cancellations
* Grounding of all/part of the fleet
* Loss of customer confidence
* Financial impact when aircraft leave the fleet
-------------------------------------------------------------
Controls and mitigations to prevent or reduce the impact
of the risks
* There are 9,032 A320 family (A319, A320, A321)
aircraft operating, with a proven track record for
safety and reliability.
* Introduction of the A320neo in part mitigates this
single fleet supplier risk as the aircraft is
equipped with a different engine type.
* easyJet continues to work closely with Airbus to
ensure full visibility of the delivery schedule for
new aircraft. If there are material delays,
appropriate mitigation is put in place; for example,
short-term wet lease arrangements are used to
minimise any operational impact.
* easyJet operates a rigorous established aircraft
maintenance programme. Maintenance schedules are
approved by the relevant regulatory body.
* easyJet regularly reviews the second-hand market and
has several different options when looking at fleet
exit strategies. Sale and leasebacks facilitate the
exit of aircraft from the fleet by transferring
residual value risk and provides flexibility in
managing the fleet size.
-------------------------------------------------------------
LEGISLATIVE/REGULATORY LANDSCAPE
The airline industry is heavily regulated and there is a
continual need to keep well informed and adapt (as required) to any
legislative or regulatory changes across the jurisdictions in which
easyJet operates.
Risk Commentary and areas of focus
Brand Licence and Major * Given the size of the shareholding, our major
Shareholder shareholder can influence easyJet's business in
* easyJet has two major shareholders (easyGroup relation to actions that require shareholder
Holdings Limited and Polys Holdings Limited ) which, approval.
as a concert party, control approximately 15.27% of
its ordinary shares.
* Through regular communications, the risk associated
with our major shareholders remains low and stable.
* easyJet does not own its company name or branding,
which is licensed from easyGroup Ltd. The licence
includes certain minimum service levels that easyJet
must meet to retain the right to use the name and
brand.
Risk Owner
* General Counsel and Company Secretary
Potential causes
* Shareholder activism
* Actions of easyGroup or other easyGroup licensees
--------------------------------------------------------------
Potential consequences
* Eventual loss of the brand licence
--------------------------------------------------------------
Controls and mitigations to prevent or reduce the impact
of the risks
* Active shareholder engagement programme.
* Regular engagement with easyGroup Holdings Limited
alongside other major shareholders.
* Representatives from the Board and senior management
take collective responsibility for addressing issues
arising from any activist approach adopted by the
major shareholder. The objective is to address issues
when they arise and anticipate and plan for potential
future activism.
* Quarterly meeting of senior representatives from
easyJet and our major shareholders, attended by the
Chief Financial Officer and the Group General Counsel
& Company Secretary, to actively manage brand-related
issues as they arise.
* easyJet makes contributions to the joint brand
protection fund.
--------------------------------------------------------------
Risk Commentary and areas of focus
Changing Legal and Regulatory * The legal and regulatory landscape continues to
Landscape develop in the areas in which easyJet operates.
* Failure to comply with legislation and regulation,
such as local consumer laws, new case law or policy
changes in relation to customer compensation, * The speed of change has increased for both
environmental or airport regulation, in the legislation and regulation.
jurisdictions in which easyJet operates, or data
protection/information protection regulations could
have an adverse reputational and financial impact. * The easyJet General Counsel Office (GCO), that
manages legal and regulatory risks, has developed
over the last year to be more prepared for changes
Risk Owner
* General Counsel and Company Secretary
* Notwithstanding the level of change increasing, this
risk remains stable.
Potential causes
* New or changes to existing legislation/regulation
* Employee/agent ignorance
* Rogue employee/agent behaviour
--------------------------------------------------------------
Potential consequences
* Sustained adverse media coverage
* Fines/regulatory sanctions
* Reduction in future revenue
* Operational disruption
* Loss of operating licence
* Significant spike in costs
* Share price movement
* Loss of colleague/customer trust
--------------------------------------------------------------
Controls and mitigations to prevent or reduce the impact
of the risks
* Compliance framework including, but not limited to,
policies, procedures, and mandatory training
programmes.
* easyJet has an in-house team of legal and regulatory
experts to advise on legal issues and developments,
* and to assist the business in interpreting any formal
regulatory requirements. Where appropriate, this
expertise is supplemented with specialist external
support relevant to a specific discipline
* or jurisdiction.
* Panel of external legal advisers, both in the UK and
in key easyJet markets, is briefed to keep easyJet
informed of any changes or new legislation and to
assist easyJet in developing appropriate responses to
such legislation.
* easyJet influences future and existing policy and
regulations which affect the airline industry through
several different channels, including working with
relevant industry bodies to assist in this.
* easyJet adapts to new legislation and regulation,
where possible adapting existing compliance
frameworks (for example mandatory training programmes
and clear policies and associated guidance).
--------------------------------------------------------------
MACRO-ECONOMIC AND GEOPOLITICAL
The airline industry can be sensitive to macro-economic and
geopolitical conditions. These risk events can affect our financial
performance including supply/demand imbalance, general economic
trends, as well as impact of fuel cost, foreign exchange rates, and
counterparty performance.
Risk Commentary and areas of focus
Supply/Demand Imbalance * Covid-19 has impacted the aviation sector by
* easyJet's success in the highly competitive European suppressing demand and creating opportunities for
short-haul aviation market is built on our key both existing and local start up operators.
competitive advantages: our network, cost base, bran
d,
digital innovation, and efficient and robust capital * Consolidation creates a more challenging environment
structure. with fewer but stronger airlines.
Risk Owner * As the aviation sector emerges from the pandemic,
* Chief Commercial Officer customers may favour value and low fares over brand
loyalty.
* easyJet has emerged as a stronger airline with the
ability to respond to rapidly changing market
conditions, having developed industry-leading agility
to add new capacity and pivoting our schedule to
capitalise on shifts in demand.
* Despite increased competition, our enhanced
scheduling capabilities and developing product and
ancillary offering results in this risk improving .
Potential causes
* Increased capacity
* Industry consolidation
* Increased competition from other airlines and
transport providers
* Government interventions
* Fall in consumer demand (including but not limited to
macro-economic conditions and environmental concerns)
* Internal growth plans
--------------------------------------------------------------
Potential consequences
* Loss of market positions (relative market share)
* Pressure on margins
* Adverse financial position
* Share price movement
--------------------------------------------------------------
Controls and mitigations to prevent or reduce the impact
of the risks
* Enhancements to our commercial organisation to
provide even further focus on existing and new
initiatives to optimise the revenue position.
* Weekly trading meeting to review performance -
attended by senior managers, including members of the
AMB.
* Relentless focus on maintaining easyJet's competitive
advantages through network positioning and brand.
* The Network Development Forum, a cross-functional
panel of senior managers, including members of the
AMB, approves the allocation of assets around the
network in the context of expected market conditions.
* Competitor and consolidation activity is monitored in
detail by the Network team, enabling strategic
decision making on key market positions.
* Fleet framework arrangements, together with the
Group's leasing policy, provide easyJet with
significant flexibility in respect of scaling the
fleet according to business requirements.
* Dynamic planning and capacity management process to
manage supply and demand fluctuations.
--------------------------------------------------------------
Risk Commentary and areas of focus
Volatility in Financial * Through Covid-19 easyJet's operational exposures
Markets reduced. Hedging positions were managed through this
* easyJet is exposed to a variety of financial markets, time so that at any time hedges became more than 100%
volatility in which could give rise to adverse of exposures, the excess was closed out. Any new
pressure on the cash flows of the Group. hedging activity was reduced due to uncertainty in
exposures. This approach was approved by the Finance
Committee.
Risk Owner
* Chief Financial Officer
* Due to the additional foreign currency debt brought
onto balance sheet, easyJet has become more exposed
to FX revaluation through the P&L. Hedging this full
risk would have been costly and would have added more
volatility to the liquidity position. It was
therefore approved by the Finance Committee that
easyJet would accept some P&L volatility, in exchange
for a better managed liquidity position.
* Hedging positions are maintaining a stable position
of jet fuel price. However balance sheet revaluations
are increasing foreign exchange risk.
Potential causes
* Market price risk: volatility in jet fuel prices,
foreign exchange rates, carbon prices, inflation
rates or interest rates
* Counter-party risk: default of counter parties used
for depositing surplus cash and hedging
* Liquidity risk: inability to raise funds when
required
--------------------------------------------------------------
Potential consequences
* Insufficient cash to meet financial obligations as
they fall due and/or the inability to fund the
business when needed leading to insolvency
* Significant increase in costs
--------------------------------------------------------------
Controls and mitigations to prevent or reduce
the impact of the risks
* The Finance Committee (a committee of the plc Board)
oversees the Group's treasury and funding policies
and activities.
* Treasury policy sets out plc Board approved
strategies for market price risk management,
counter-party credit risk management and liquidity
risk management. Monthly reporting on all treasury
activity including reporting on compliance with
treasury policy.
* Maintaining a liquidity buffer supported by cash and
a business interruption insurance policy.
* Ability to access diverse sources of funding to
support liquidity requirements.
* Rolling hedging programmes on jet fuel and foreign
exchange market price exposure.
--------------------------------------------------------------
PEOPLE
Having the right people is a key part of Our Plan. In today's
environment, we need to create an inclusive and energising
environment that attracts the right people and inspires everyone to
learn and grow
Risk Commentary and areas of focus
Industrial Action * Highly constructive relationships with our trade
* easyJet, and the aviation industry in general, has a union partners, works councils, and our people have
significant number of employees who are members of allowed the business to adapt throughout 2021 and
trade unions. position the business to emerge with strength from
the pandemic.
* Each of the European countries in which easyJet
operates has localised employment terms and * Productivity has increased by reducing the number of
conditions. As such its pilots, crew and engineers crew per aircraft.
are members of 21 trade unions across seven
countries. There are also an additional seven
consultative bodies including five Works Councils and * Sustainable improvements have been made using
a European Works Council. part-time and seasonable contracts, which were agree
d
with our union partners.
Risk Owner
* Group People Director
* Agreements with our union partners have been made
throughout the last year, with routine seasonal
recruitment taking place to ensure the operation is
ready to meet demand. This risk remains stable.
Potential causes
* Adverse employee experience
* Changes to terms and conditions
* Political unrest
-------------------------------------------------------------
Potential consequences
* Sustained adverse media coverage
* Operational disruption
* Significant spike in costs
* Reduction in future revenue
* Share price movement
* Loss of colleague/customer trust
-------------------------------------------------------------
Controls and mitigations to prevent or reduce
the impact of the risks
* easyJet seeks to maintain positive working
relationships with all trade unions and other
representative bodies and has a framework in place
for consulting and engaging with trade unions and
consultative bodies.
* In the event of industrial action or expected
disruption, easyJet has processes to mitigate the
impact to our operations. The Operations department
also has specific procedures to deal with such
events.
* Adoption of innovative part-time working patterns.
-------------------------------------------------------------
Risk Commentary and areas of focus
Talent Acquisition and Retention * Retention of critical talent continues to be a risk
* In today's shifting environment, we need to place and is proactively managed, particularly given the
even more focus on recruiting the right people and continued uncertainty and challenge of our industry
building the right talent. and our inability to offer compelling short-term
financial reward.
Risk Owner
* Group People Director
Potential causes
* Uncompetitive remuneration packages
* Lack of career progression
* Outdated ways of working
--------------------------------------------------------------
Potential consequences
* Sustained inability to deliver key strategic
initiatives
--------------------------------------------------------------
Controls and mitigations to prevent or reduce
the impact of the risks
* Creation of retention programme for the 2022
financial year co-sponsored by HR Director, M&A and
People Development and Reward Director.
* Projects making up the programme include:
o Leadership and Management Capability Development
o Talent Development Programme
o Inclusion & Diversity
o Employee Value Proposition
o Wellbeing Framework
o Recognition Principles and Platform
o Reward Approach
* Hybrid working across our office-based communities
that support new ways of working with the right
policies, processes, and technology to improve the
employee experience.
* Quarterly engagement survey across all communities to
gain insight on employee sentiment.
--------------------------------------------------------------
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ACSGPGUAPUPGUBU
(END) Dow Jones Newswires
December 10, 2021 05:01 ET (10:01 GMT)
Grafico Azioni Easyjet (LSE:EZJ)
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