FastJet publishes February operating figures

FASTJET RELEASES LATEST PERFORMANCE DATA

(Posted 13th March 2014)

FastJet Tanzania carried 35.100 passengers in February 2014, according to the latest regulatory filings made in London yesterday and also reported an average yield of US Dollars 82 per passenger, up from 47 US Dollars a year ago. Total revenues for February 2014 were given as US Dollars 2.87 million which constitutes a rise of some 135 percent compared to February last year.

The full text of the announcement is shown below:

Start quote

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 14th 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."

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 29th November 2012

5. "on time" –arrival earlier than or within 15 minutes of schedule.

The announcement coincides with the introduction on the same day of Mr. Brown Francis as the new General Manager of upstart LCC airline SAX Tanzania, which made the news earlier today, possibly pitting FastJet onto direct competition on domestic routes with partner Don Smith, who is the majority shareholder of both Fly SAX in Kenya and of Fly 540 in Kenya. It could not be immediately established for which domestic or regional routes SAX Tanzania has applied to the Civil Aviation Authority in Dar es Salaam but considering the keen desire by Tanzanian regulators to see more airlines registered and operating in the country, it is a foregone conclusion that routes applied for will very likely be granted.

Interesting days ahead for sure in Tanzania’s aviation sector, so watch this space for future breaking and regular news.