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H1 2017 analyst & investor
presentation
Tuesday 16th May 2017
Introduction
Carolyn McCall
Chief Executive Officer
3 3
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easyJet is in a strong position
3
Customer
Balance Sheet
Network
Cost
Digital and data
Purposeful and disciplined growth; strengthening our market positions Improving revenue trend
Strong cost control in H1 delivering flat headline CPS ex fuel (@cc)
Investment grade balance sheet provides flexibility and secures lower funding costs
Continuous investment in customer proposition and lean initiatives
Top ranked LCC in UK, Switzerland and France offering great value and quality service
Financial review
Andrew Findlay
Chief Financial Officer
5 5
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Key performance indicators
5
* Favourable /(adverse)
H1 2017 H1 2016 Change*
Seats flown (m) 37.5 34.5 8.4%
Passengers (m) 33.8 31.0 9.0%
Load factor (%) 90.2% 89.7% +0.5ppt
Average sector length (km) 1,058 1,054 0.4%
Revenue per seat - reported currency (£) 48.80 51.29 (4.9%)
Revenue per seat - constant currency (£) 46.32 51.29 (9.7%)
Headline cost per seat incl fuel - reported currency (£) 54.45 51.91 (4.9%)
Headline cost per seat incl fuel - constant currency (£) 49.79 51.91 4.1%
Headline cost per seat excl fuel - reported currency (£) 42.18 38.54 9.5%
Headline cost per seat excl fuel - constant currency (£) 38.54 38.54 0.0%
6 6
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Financial performance
* Restated ** Favourable/(adverse)
6
H1 2017 H1 2016* Change**
£ m £ m
Total revenue 1,827 1,771 3.2 %
Headline costs:
Headline costs excluding fuel (1,580) (1,330) (18.7) %
Fuel (459) (462) 0.5 %
Headline loss before tax (212) (21) £(191) m
Headline loss before tax at constant currency (130) (21) £(109) m
Non-headline items:
Sale and leaseback charge (16) - £(16) m
Organisational review (2) - £(2) m
EU Air Operator Certificate (‘AOC’) (1) - £(1) m
Balance sheet foreign exchange (loss)/gain (1) 2 £(3) m
Fair value adjustment (4) 1 £(5) m
Total loss before tax (236) (18) £(218) m
7 7
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H1 Revenue performance
Revenue per seat bridge
£51.29
H1 2016 Easter
£1.23
Underlying market conditions
£3.74
Before FX
£46.32
H1 2017
£48.80
FX
£2.48
7
(2.4%)
(7.3%)
4.8%
(9.7%)
(4.9%)
8 8
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A strong focus on costs
Headline cost per seat bridge
4.66
2.12
1.130.120.30
0.30
0.240.41
H1 2017 headline
cost per seat
54.45
P&L Fx Fuel H1 headline
cost per seat at constant
currency before fuel
variance
51.91
Lean A320 mix
Inflation* Regulated airports inflation
Ownership costs
Disruption H1 2016 headline
cost per seat (restated)
51.91
Flat headline cost per seat ex fuel variance at constant currency
• Total headline cost per seat at constant currency: 4.1% decrease
• Headline cost per seat ex fuel at constant currency: Remains flat
8
* Operational price increases including unregulated airports, ground handling, navigation and crew costs
9 9
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Impact of fuel & currency
* Favourable /(adverse)
9
H1 2017 fuel impact H1 2017 H1 2016 Change*
Fuel $ per metric tonne
Market rate 500 409 (91)
Effective price 662 786 124
US dollar rate
Market rate 1.24 1.48 (24 cents)
Effective price 1.47 1.61 (14 cent)
Difference between market rate and effective rate 0.23 0.13
Actual cost of fuel £ per metric tonne 449 489 40
H1 2017 currency impact on headline PBT* EUR CHF USD Other Total
£m
Revenue 71 14 3 5 93
Fuel (1) - (37) - (38)
Headline costs excluding fuel (96) (19) (16) (6) (137)
Total (26) (5) (50) (1) (82)
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Strong cash generation
9
246302
229
115
214
28
21667
92
220
Cash & MMDs at 1 October
2016*
969
Cash & MMDs at 31 March
2017 *
1,308
FX* Net interest
Own shares CAPEX Increased borrowings
Sale & leaseback proceeds
Cash & MMDs
post div & tax paid
1,287
Ordinary dividend (FY’16)
Tax paid Other operating
Net working capital
Depn & amort
Operating loss
*Includes money market deposits but excludes restricted cash
Cash flow bridge • Net cash: £353m (FY16: £213m)
• Adjusted net debt: £333m (FY16 restated: £424m)
Cash generated from operations
(excluding dividends): £560m Investing and financing
10
11 11
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Strong balance sheet
11
Liquidity is supported by the 500 million US dollar Revolving Credit Facility that has no financial covenants or draw-stops
£m 31 March
2017
30 September 2016
(restated)
Goodwill and other intangible assets 533 517
Property, plant and equipment 3,314 3,252
Derivative financial instruments 123 98
Other assets (excluding cash and money market deposits) 367 324
Unearned revenue (1,298) (568)
Other liabilities (excluding debt) (1,052) (1,142)
Capital employed 1,987 2,481
Cash and money market deposits 1,308 969
Debt (955) (756)
Net cash 353 213
Net assets 2,340 2,694
12 12
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A321 – delivering cost & revenue benefits
12
• Provides further structural advantage
• Maximises constrained high value,
peak-day flying
• Will deliver an 8-9%* cost per seat
benefit and incremental contribution
per annum compared with A320 NEOs
operating on easyJet’s network
• Maintains a neutral capex commitment
via increased flexibility within the
contract
Capital Discipline
*Based on current fuel price
A319 CEO – 156 seats
A320 CEO – 186 seats
A320 NEO – 186 seats
A321 NEO – 235 seats
30 A321 NEO’s added to fleet plan
13 13
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1. At the end of the relevant Financial Year 2. Based on fleet plan – base case 3. Maximum fleet does not include the purchase rights
13
Mix
of
fle
et
(%)
Fleet up-gauging Delivering CPS savings
easyJet fleet mix
Capital Discipline / Tough on
cost
Up-gauging delivering CPS savings
A319 CEO – 156 seats
A320 CEO – 180 seats
A320 NEO – 186 seats
A321 NEO – 235 seats
7% -8% saving
6% -7% saving
8% -9% saving
73% A320 &
A321
51%
43% 37% 34%
27%
20%
19%
28%
31%
49%
45%
43%
1% 6%
11%
12%
21%
1% 3% 9% 9%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY2017 FY2018 FY2019 FY2020 FY2021
A319CEO-156 A320CEO-180 A320CEO-186
A320NEO-186 A321NEO-235
14 14
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Prior base plan
Current base plan
Utilising flexibility in fleet planning
14
Air
cra
ft n
um
be
rs
301
312
335
357
279
296
304
327
343
270
280
290
300
310
320
330
340
350
360
370
FY2017 FY2018 FY2019 FY2020 FY2021
Revised base case fleet numbers Up and down side flexibility
279
296
304
327
343
298
316
338
364
279
281
286
270
280
290
300
310
320
330
340
350
360
370
FY2017 FY2018 FY2019 FY2020 FY2021
Current base plan
Current max plan
Current min plan*
* With exercise of deferral options and all operating leases returned at maturity
15 15
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FY '17 FY '18 FY '19 FY '20
Maintenance & Other Replacement Growth
Gross capital expenditure
- Assumes base case fleet plan
15
£1,050m £1,100m Prior capex plan:
• Revised Capex spend post
capacity review process
• Profile represents new
schedule based on latest
agreement with Airbus which
includes A321 purchases
• Maintenance capex is
projected to remain stable
over the next 3 years
£800m
£1,050m
£700m
£950m
c. £250m reduction in CAPEX in next 3 years
£650m
Business Review
Carolyn McCall
Chief Executive Officer
17 17
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Driving strategic delivery
Purposeful network strategy
Capital Discipline
Tough on cost
50% dividend payout &
Long term shareholder returns
Strong balance sheet
+
+
=
Supported by
Differentiated proposition &
17
18 18
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Ruthless capital discipline
18
Strategy supports profitable growth and returns
Build & strengthen No1 positions
Take advantage of growth opportunities
Target specific catchment areas
Invest in lean bases
Capital Discipline
Purposeful growth strategy Capacity
• easyJet undertake a bi-annual, thorough analysis of capacity to reflect the market environment and fuel price
• Disciplined approach to opportunities to reach #1/#2 positions
• Managed by increased flexibility in fleet plans:
• Utilisation / gauge
• Lease renewals
• Sale and leaseback
• A321
19 19
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#1 Other #2
easyJet position at airport
Purposeful allocation of capacity
19
• Leverage, build and strengthen
• Strong positions behind legacy carriers
• Lean basing
Highly profitable
Profitable
Returns driven by strong network positions at primary airports….
Purposeful network strategy
The sweet spot is being No1 at the airport and No1
on the route
Graph not to scale
56% of H1 growth
38% of H1 growth
6% of H1 growth
20 20
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Source : OAG, scheduled data and Internal easyJet projection May 2017. Country capacity growth is based on network touching seats.
Delivering purposeful investment in H1
20
H1 2017
Purposeful network strategy
H1 seat growth 800k 600k 300k 200k 150k 400k 100k 200k
8%
9%
12%
7%
6%
9%
17%
16%
8% 8%
4%
10%
4% 4%
15%
10%
UK Switzerland France Netherlands Italy Germany Portugal Spain
easyJet Growth Market Growth
21 21
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Strong positions in slot constrained airports
21
Purposeful network strategy
Airport1
Current morning peak utilisation
EZY share @ airport
EZY H1 growth
EZY H2 growth
Airport H2 growth
London Gatwick 47.3% 2.3% 4.3% 2.8%
London Luton 42.5% 17.3% 16.7% 4.8%
Geneva 40.4% 5.9% 9.9% 6.2%
Berlin SXF 38.6% 14.8% 6.7% 6.1%
Manchester 15.0% 27.7% 17.4% 8.0%
Paris Orly 12.3% Flat 2.6% (2.5)%
Lyon 23.0% 17.5% 5.2% 5.4%
Amsterdam Schiphol
11.5% 6.6% 8.6% 8.5%
Lisbon 10.2% 12.3% 15.3% 15.1%
Barcelona 8.2% 19.9% 5.8% 6.7%
Full at peak times
Constrained at peak times
Source : OAG, scheduled data and Internal easyJet projection May 2017. Country capacity growth is based on network touching seats.
80% of easyJet capacity touches an airport that is slot constrained during peak times
Up-gauging allows easyJet to continue to grow capacity at slot constrained airports
22 22
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Source : OAG, scheduled data and Internal easyJet projection for H2 growth. Country capacity growth is based on network touching seats. - Aircraft numbers based on total touching aircraft
Building & strengthening - No1 positions
Airport growth easyJet growth at the airport
22
Purposeful network strategy
H2 2017
7.6% 6.0%
Bristol 14 aircraft
5.2% 5.4%
Lyon 8 aircraft
9.9%
6.2%
Geneva 25 aircraft
4.3%
2.8%
Gatwick 62 aircraft
16.7%
4.8%
Luton 23 aircraft
8.6%
8.5%
Schiphol 18 aircraft
15.5%
0.6%
Venice 9 aircraft
7.8%
6.6%
Nice 14 aircraft
23 23
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Improving capacity trend on easyJet markets
easyJet market pairs
23
5.8%
8.4% 8.4%
7.6%
8.8%
6.2%
8.2%
4.8%
H2 ‘16 H1 ‘17 Q3 ‘17 Q4 ‘17 H2 ‘16 H1 ‘17 Q3 ‘17 Q4 ‘17
easyJet capacity growth Competitor capacity growth
Source : OAG, scheduled data and Internal easyJet projection May 2017. Country capacity growth is based on network touching seats.
24 24
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Customer focus driving brand and loyalty
24
Differentiated Proposition
London Gatwick North Terminal consolidation
Mobile app
easyJet Plus
c.26% of ecommerce bookings on mobile devices
25 25
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Revenue initiatives
25
Differentiated Proposition
Continuing to improve Innovation driving future revenue
New Digital Platform
RMS Optimisation
Network Optimisation
Data Science
26 26
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Lean initiatives underpin strong cost control
26
Tough on cost
CPS ex fuel target: flat 2015 vs 2019*
2015 CPS (ex Fuel @ cc)
2019 CPS (ex Fuel @ cc)
Lean programme offsets inflation
Efficient and effective cost base
• Improving long term airports and ground handling deals
• Increased automation, e.g. auto bag drop
• Data science driving long term cost saving
• Seasonal base opening in Palma
• Overhead reduction: Next Generation
• Predictive maintenance to drive further efficiency
• Improved scheduling and roster efficiency
• Young fleet reduces maintenance costs
• Leverages size to drive economies of scale
• Low cost of funding from strong balance sheet
• Investment into 186 A320
• Introduction of A321 NEO into fleet
Utilising structural advantage
Up-gauging and purposeful fleet management
Strong pipeline of LEAN initiatives
*Headline cost per seat at constant currency
* *
27 27
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Investing in resilience
27
Actions delivered in H1
Increased number of remote de-icing pads across network
Push notifications live now at 39 airports
London Gatwick North Terminal consolidation
Customer Disruption Program (CDP) initiated
MINIMISE / MANAGE and MONITOR
Ground handling initiatives:
• Improved stand planning and marked equipment bays
• More Walk in Walk out stands
Increased auto bag drop capacity at – STN, LTN
Ongoing resilience investment
Predictive maintenance
• Working with Airbus and leading data science companies to leverage data directly gathered from aircraft
• Expect 20% of technical operational interruption events can be eliminated.
Aircraft spare parts inventory
• Invested in additional inventory of critical spares parts that typically cause operational interruption
AOG response aircraft and teams
• Rapid response aircraft and engineering available in Luton and now Malpensa
Schedule resilience
• Schedule firebreaks / standby aircraft availability / invest in wet lease aircraft
Cabin maintenance
• Additional capability and resources to perform preventative maintenance on our cabins
28 28
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Self help initiatives deliver operational improvements
28
London Gatwick North Terminal consolidation Improving on time performance
+7 ppts
Q2 improvement in CSAT relating to bag drop experience (vs Q2 2016)
Easter 2016 Easter 2017 Change
Total Sectors 28,380 32,087 +13.1%
Network OTP 76.3% 85.3% +9.0 ppts
LGW OTP 66.7% 84.1% +17.4ppts
Strong operational performance over busy Easter period*
*Includes flying program from 10th April 2017 to 30th April 2017 vs equivalent Easter period in 2016
95%
H1 Arrivals within 60min of schedule
99%
H1 Technical Dispatch Reliability
29 29
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90%
83%
58%
77%
44%
32%
18%
31%
53%
93%
82%
57%
77%
46%
34%
22%
34%
55%
Apr May Jun Q3 Jul Aug Sep Q4 H2
Last Year This Year
H2 forward bookings
H2 2017 (April 2017 to September 2017) as at 12 May 2017
H2 bookings ahead of prior year % seats sold*
29
30 30
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Outlook in 2017
Capacity (seats flown) • H2 c.+8.5% (before disruption)
• FY c.+8.5% (before disruption)
Revenue per seat at constant currency • Q3 revenue per seat: Low single digit decline
Cost per seat at constant currency (Unchanged) • FY headline cost per seat excluding fuel: up c.1% (assuming normal levels of disruption)
• FY headline cost per seat: down c.4% (assuming normal levels of disruption)
FX (Improved) • H2: c.£20 million adverse movement from foreign exchange rates on headline profit before tax
• FY: c.£100 million adverse movement from foreign exchange rates headline profit before tax
Fuel (Improved) • FY: unit fuel costs £225 million to £235 million favourable
• Expected total fuel cost £1,060 million
• Full year headline PBT expectations are in line with current market consensus
Rates at 2017 £/USD:1.2866; £/EUR: 1.1843 Unit fuel guidance based on Jet fuel trading range of $500/ metric tonne to $580/ metric tonne
30
31 31
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Summary
31
• EU AOC on track to be announced this summer
• Strong structural business
• Resilient performance in H1
• Improving RPS trend
• Right actions and right position to benefit in the future
Q & A
appendix
34 34
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Fuel and foreign exchange hedging
As at 31 March2017 34
Fuel requirement US dollar requirement Euro Surplus
Full year ending 30 September 2017
84% @ $612/tonne 82% @ $1.50/£ 91% @ EUR1.35/£
Half year ending 30 September 2018
52% @ $520/tonne 53% @ $1.36/£ 60% @ EUR1.22/£
Full year ending 30 September 2018
60% @ $516/tonne 59% @ $1.40/£ 66% @ EUR1.25/£
Sensitivities
• $10 per tonne change in fuel price will impact the pre-tax result by +/- $2.2 million
• 1 cent movement in the £:$ will impact the pre-tax result by +/-£1.0 million
• 1 euro cent movement will impact the pre-tax result by +/-£0.6 million
35 35
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Loss after tax
* Restated
**Favourable/(adverse)
35
£ m H1 2017 H1 2016* Change**
Headline loss before tax (212) (21) (892.3%)
Headline tax charge 40 3 1,183.1%
Headline loss after tax (172) (18) (842.8%)
Total loss before tax (236) (18) (1,214.7%)
Total tax charge 44 3 1,319.5%
Total loss after tax (192) (15) (1,192.7%)
Effective tax rate 18.7% 17.3% (1.4ppt)
No update to the last version we sent you, however this isn’t reflected in your master slide deck
36 36
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Revenue per seat
* Favourable /(adverse)
36
£ per seat H1 2017 H1 2016 Change*
Seat revenue 47.82 50.39 (5.1%)
Non-seat revenue 0.98 0.90 8.7%
Total revenue 48.80 51.29 (4.9%)
37 37
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Headline cost per seat excluding fuel – key drivers
*Favourable /(adverse)
37
Cost per seat excluding
fuel £
Variance at constant currency*
£
Variance at constant currency*
%
Weighted variance at constant currency*
%
Drivers
Navigation 4.25 0.14 3.5% 0.4% • Price benefits in France and Germany
Maintenance 3.39 0.16 4.9% 0.4%
• Upgauging of fleet from A319s to A320s • Engineering and maintenance savings such as the component supply contract
Crew 7.82 (0.03) (0.5%) (0.1%)
• Pay increases • Increase in average sector length • Offset by efficiencies from up-guaging of the fleet
Overheads 5.84 (0.04) (0.8%) (0.1%) • Higher disruption costs • Offset by volume benfit from increased capacity
Airports and ground handling 16.66 0.01 0.1% 0.0%
• Annualised increases in charges at regulated airports • Offset by savings from volume deals and renegotiated airport and ground handling contracts
Ownership 4.22 (0.24) (6.2%) (0.6%)
• Increase in depreciation due to new aircraft purchased • Increase in interest payable due to the bond issues • Partially offset by decreasing lease costs due to a favourable lease mix
Total Headline CPS excluding fuel 42.18 0.00 (0.0%) 0.0%
No update to the last version we sent you, however this isn’t reflected in your master slide deck
38 38
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Increasing proportion of A320’s
38
H1 2017 FY 2016 Change
A319 (operating lease) 55 45 10
A319 (owned / finance lease) 89 99 (10)
A319 Total 144 144 0
A320 (operating lease) 18 18 0
A320 (owned / finance lease) 104 95 9
A320 Total 122 113 9
Total fleet 266 257 9
Operating lease 27% 25% (2ppt)
Number unencumbered 188 156 32
Percentage of A320s in fleet 46% 44% 2ppt
Average seats per aircraft 167 166 1%
No update to the last version we sent you, however this isn’t reflected in your master slide deck
39 39
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Non-headline costs
39
Sale and Leaseback charge Income statement impact • £10m loss on disposal of aircraft (reflecting the transfer of the residual value risk)
• £6m maintenance catch-up provision (reflecting the fact that the aircraft have to be returned to the lessor at the end of the lease in a particular maintenance condition).
Change in accounting policy: maintenance catch-up charge Previously: deferred on balance sheet and amortised to income statement over the life of the lease.
Now: charged immediately to the income statement.
Why: Better matches the economics of the transaction in both the income statement and balance sheet.
Organisational review • £2m recognised in the period for the programme, which involves redundancy costs and third party advisor fees
EU Air Operator Certificate (‘AOC’) • £1m recognised to date for the set-up costs of establishing an AOC in another EU member state following the
UK’s referendum vote to leave the European Union (‘EU’)
Balance sheet foreign exchange (gain)/loss • £1m charge recognised for the foreign exchange loss arising from the retranslation of monetary assets and
liabilities held in the statement of financial position
Fair value adjustment • £4m loss for the period recognised for the fair value adjustment that arises from the ineffective portion of the
cross currency interest rate swaps elected into fair value hedge relationships with the €500 million Eurobond issued 9 February 2016
No update to the last version we sent you, however this isn’t reflected in your master slide deck
40 40
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Currency impact
Average effective Euro rate for revenue for H1’17 was €1.21 (H1’16: €1.32) Average effective Euro rate for costs for H1’17 was €1.16 (H1’16: €1.34)
40
Currency split – total revenue Currency split – total costs
Sterling, 45%
Euro, 43%
USD, 1%
Swiss Franc, 9%
Other, 2%
Sterling, 33%
Euro, 36%
USD, 23%
Swiss Franc 6%
Other, 2%
41 41
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Currency impact
41
Revenue Costs
H1 2017 H1 2016 H1 2017 H1 2016
Sterling 45% 47% 33% 29%
Euro 43% 41% 36% 33%
US dollar 1% 1% 23% 32%
Other (principally Swiss franc) 11% 11% 8% 6%
Average effective Euro rate for revenue for H1’17 was €1.2050 (H1’16: €1.3241) Average effective Euro rate for costs for H1’17 was €1.1565 (H1’16: €1.3403)