easyJet is pleased to announce the sale and leaseback of a further eleven aircraft with two counterparties. The transactions generate total cash proceeds of $169.5 million (approximately £130.7m).

Ten A320 family aircraft were sold to ACS Aero 2 Beta Limited. The cash sales proceeds were $124.5m (approximately £96.0m), and the aircraft will be leased back for an average term of 58 months, creating lease obligations of approximately £66.8m. The net book value of the aircraft at the date of transaction was approximately £117.9m.

easyJet also sold one A320 family aircraft to JLPS Holding Ireland Limited for cash proceeds of $45.0m (approximately £34.7m).

Over the terms of the eleven leases the average incremental net annual headline cost reflected in easyJet's income statement will be approximately £6.4 million, which is driven by increases in interest charges and depreciation.

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

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

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