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MTM IX - Accounting Management Project Work
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MTM IX - Accounting Management Project Work

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MTM IX - Accounting Management Project Work MTM IX - Accounting Management Project Work Presentation Transcript

  • easyJet
  • 125 Airports 29 Countries
  • INCOME STATEMENT CONSOLIDATED INCOME STATEMENT £ milion 2008 % £ milion 2009 % £ milion 2010 % Passenger revenue 1.995,7 84,5% 2150,5 80,6% 2401,7 80,8% Ancillary revenue 367,1 15,5% 516,3 19,4% 571,4 19,2% TOTAL REVENUE 2.362,8 100,0% 2.666,8 100,0% 2.973,1 100,0% Variable cost 0 0,0% 0 0,0% 0 0,0% Contribution margin 2362,8 100,0% 2666,8 100,0% 2973,1 100,0% Fuel cost 708,7 30,0% 807,2 30,3% 733,4 24,7% Airport charges 397,2 16,8% 481,5 18,1% 529,8 17,8% navigation charges 195,7 8,3% 232,3 8,7% 256 8,6% crew cost 263,2 11,1% 306,6 11,5% 336 11,3% maintenance 147,5 6,2% 161,6 6,1% 176,8 5,9% other cost 401,9 17,0% 452,7 17,0% 579,8 19,5% Total Fixed cost 2.114,2 89,5% 2441,9 91,6% 2611,8 87,8% EBITDAR 248,6 10,5% 225,1 8,4% 361,3 12,2% Rental expense 110,7 4,7% 105,2 3,9% 109 3,7% EBITDA 137,9 5,8% 119,9 4,5% 252,3 8,5% Ammortization & Depreciaton 46,9 2,0% 59,8 2,2% 78,7 2,6% EBIT 91,0 3,9% 60,1 2,3% 173,6 5,8% Net finance income 19,2 0,8% -5,4 -0,2% -19,6 -0,7% Profit befor tax & non recurring item 110,2 4,7% 54,7 2,1% 154,0 5,2% Tax charge 27 1,1% 0 0,0% 32,7 1,1% Tax credit 0 0,0% 16,5 0,6% 0 0,0% NET PROFIT 83,2 3,5% 71,2 2,7% 121,3 4,1%
  • easyJet Revenue TOTAL REVENUE3.500,0 2.973,13.000,0 2.666,82.500,0 2.362,8 TOTAL REVENUE2.000,01.500,01.000,0 2008 2009 2010
  • 3500 Contribution Margin 2973,13000 2666,82500 2362,8200015001000500 0 2008 2009 2010
  • easyJet Ancillary Revenues 20,0% 18,0% 16,0% 14,0% 12,0% 10,0% 8,0% 6,0% 4,0% 2,0% 0,0% % of the total revenue 2008 15,5% 2009 19,4% 2010 19,2%
  • easyJet Total fixed cost92,0%91,0%90,0% 200889,0% 200988,0% 201087,0%86,0%85,0% total fixed cost 2008 89,5% 2009 91,6% 2010 87,8%
  • easyJet Operating Costs 2008 2009 201035,0%30,0%25,0%20,0%15,0%10,0% 5,0% 0,0% navigati Airport crew mainten other Fuel cost on charges cost ance cost charges 2008 30,0% 16,8% 8,3% 11,1% 6,2% 17,0% 2009 30,3% 18,1% 8,7% 11,5% 6,1% 17,0% 2010 24,7% 17,8% 8,6% 11,3% 5,9% 19,5%
  • easyJet Net Profit4,5% NET PROFIT 4,1%4,0% 3,5%3,5%3,0% 2,7%2,5%2,0%1,5%1,0%0,5%0,0% 2008 2009 2010
  • 2008 2009 2010 CONSOLIDATED BALANCE SHEETBALANCE SHEET £ milion % £ milion % £ milion % Cash & cash equivalent 632,2 20,4% 788,6 21,5% 911,9 22,8% Trade and other receivable 236,6 7,6% 241,8 6,6% 194,1 4,8% Other current assets 545,3 17,6% 451,8 12,3% 408,6 10,2% Quick assets 1.414,1 45,7% 1482,2 40,4% 1514,6 37,8% Inventory 0 0,0% 0 0,0% 0 0,0% TOT. Current assets 1.414,1 45,7% 1482,2 40,4% 1514,6 37,8% Goodwill 359,8 11,6% 365,4 9,9% 365,4 9,1% Proprety, plant and equipment 1.102,6 35,6% 1612,2 43,9% 1928,1 48,2% Other non-current assets 218,4 7,1% 213,2 5,8% 194,1 4,8% TOT. Non current assets 1680,8 54,3% 2190,8 59,6% 2487,6 62,2% TOTAL NET ASSETS 3.094,9 100,0% 3673 100,0% 4002,2 100,0% Current liabilities 909,8 29,4% 1062,2 28,9% 1064,6 26,6% Non current liabilities 907,8 29,3% 1303,5 35,5% 1437,2 35,9% TOTAL LIABILITIES 1817,6 58,7% 2365,7 64,4% 2501,8 62,5% Share capital 105,7 3,4% 106 2,9% 107,3 2,7% Share premium 640,2 20,7% 642,5 17,5% 651,6 16,3% Hedging reserve 27,6 0,9% -23,9 -0,7% 34,8 0,9% Translation reserve 0,1 0,0% -0,4 0,0% 0,8 0,0% Retained earnings 504,6 16,3% 583,1 15,9% 706,2 17,6% Equity 1278,2 41,3% 1307,3 35,6% 1500,7 37,5% TOT LIABILITIES + SHAREHOLDER EQU. 3095,8 100,0% 3673 100,0% 4002,5 100,0%
  • TOTAL CURRENT ASSETS- Collateral on leased aircraft(deposit)- Assets held for sale- Derivative financial instruments (exchange rates)- Restricted cash(airline tickets)
  • Total Current Assets70,0%60,0% 45,7%50,0% 40,4% 37,8%40,0%30,0%20,0%10,0%0,0% 1 2008 2009 2010
  • TOTAL NON-CURRENT ASSETS Property, plant and equipment Goodwill Restricted cash and other non-current assets
  • Total Non – current Assets2010 62,2%2009 59,6%2008 54,3% TOT. Non current assets
  • Non-current ASSETS25002000 1928,1 1612,21500 1.102,6 Goodwill1000 Proprety, plant500 and equipment Other non- current assets 0 2008 2009 2010
  • Total Net - Assets 4.500,0 4.000,0 3.500,0 3.000,0 2.500,0 2.000,0 1.500,0 1.000,0 500,0 - 2008 2009 2010TOTAL NET 3.094,9 3673 4002,2 ASSETS
  • Current liabilities35,00% 29,40% 28,90%30,00% 26,60%25,00%20,00%15,00%10,00%5,00%0,00% 2008 2009 2010
  • Non-current liabilities40,00% 35,50% 35,90%35,00% 29,30%30,00%25,00%20,00%15,00%10,00%5,00%0,00% 2008 2009 2010
  • easyJet Total liabilities70,00% 64,40% 62,50% 58,70%60,00%50,00%40,00%30,00%20,00%10,00%0,00% 2008 2009 2010
  • Liquidity1,601,50 2008 20091,40 20101,30 Quick Ratio2008 1,552009 1,402010 1,42The current ratio is the same as we don’t have inventory.
  • Equity in £1600 Equity140012001000 800 1500,7 1278,2 1307,3 600 400 200 0 2008 2009 2010
  • Solvency ratio
  • Productivity: ROA ROS TAT
  • Productivity Roe 10% 5% 0% Roe 2008 7% 2009 6% 2010 9%
  • Conclusions:In 2010 we continued toexpand our presenceacross Europe as werealise our vision to ‘TurnEurope Orange’,building on our strongpositions at majorairports and adding twonew countries to ournetwork at the end ofthe year.
  • Financial Review:Total revenue grew11.5% to £2,973.1 millionand reported profitbefore tax was £154.0million or £2.75 per seat.This result was achieveddespite the significantimpact of disruption onthe business during theyear.5.1% Revenue per seatgrown compared to 2009
  • Possible Strategy Ancillary revenue grew in 2010 by 43 pence for seat to £10,20. However hotel and car hire revenues were down versus the prior year. This performance is disappointing and we are reviewing this area to ensure that we have the correct prodoct offerings
  • DisruptionIn 2009 the combination ofdisruption from snow,volcanic ash and ATC strikesled to incremental costs of £97,9 million versus the prioryear.During April 2009 easyJetwas forced to cancel 7314flights,As the climate change is abig problem affecting thewhole world we are thinkingabout a possible insurance.
  • Strong and weak points Strong: We survived the economic crisis investing money and increasing revenues. We also recruited new employees and we have a very good ROE (9%). Weak: Unpredictable events that the company cannot solve. Crew costs are still a challenge for easyJet.
  • Cosa ti fa volare ? Europe byeasyJet