fastjet Passenger Statistics for February 2014 and extension of EFF

 

12 March 2014 - fastjet plc is pleased to announce its passenger statistics for the month of February 2014 and an extension of its existing EFF from £15 million to £25 million.

 

fastjet Tanzania:

 

fastjet operations in Tanzania carried a total of 35,100  passengers and achieved a load factor of 76 per cent.  The average yield per passenger was $82, compared to $47 in February 2013.  Total revenue for the month was $2.87m, a 135 per cent increase from February 2013.

 

Punctuality remained outstanding with 93 per cent of fastjet flights operating on time. ^{Note 5}

 

Fly 540:

 

As expected, the passenger numbers carried by the legacy 540 businesses, particularly in Angola, continued to fall year-on-year as those businesses undergo significant restructuring.

 

Extension of EFF

The Company also announces that it has agreed to extend its current Equity Finance Facility ('EFF') with Darwin Strategic Ltd. from £15 million to £25 million.  All other aspects of the initial EFF agreement announced on 14^th June 2013 remain unchanged.  fastjet is also in talks with a number of potential long term investors. Whilst these are concluded the agreement with Darwin to extend the EFF is a prudent measure, which provides the Company with the flexibility to raise finance in the short term as required.

 

Ed Winter, interim Chairman and Chief Executive Officer of fastjet, said: 

 

"Our February performance continues to demonstrate how well the low cost model is working, producing strong average yields whilst still providing plenty of low-fare seats for passengers booking their seats early.  The continued growth in passenger numbers and yields puts fastjet well on track to become cash generative as the route network and capacity increase."

 

 

All Operations Note 1
Month ending	Feb 2014	Feb 2013	Change
Passengers Note 2	79,715	77,829	2.4%
Rolling 12 months ending	Feb 2014	Feb 2013	Change
Passengers Note 2	985,565	758,970	29.9%
fastjet Operations Note 4
Month ending	Feb 2014	Feb 2013	Change
Passengers Note 2	35,100	25,987	35.1%
Load Factor Note 3	76%	80%	-4pp
Rolling 12 months ending	Feb 2014	Feb 2013	Change
Passengers Note 2	379,901	83,330	356%

 

Notes:

1.  "All Operations" includes statistics for fastjet Tanzania, Fly540 Kenya, Fly 540 Ghana and Fly540 Angola.
2. "Passengers" for 540 operations are flown passengers and for fastjet operations are sold seats flown, in both cases excluding infants.  Fastjet bookings are generally non-refundable whereas 540 bookings are in some circumstances refundable 
3. "Load Factor" is the number of 'passengers" as a percentage of the number of available seats flown.  
4.  "fastjet Operations" includes only statistics for Fastjet Tanzania operations which commenced on 29^th November 2012
5. "on time" - arrival earlier than or within 15 minutes of schedule.