10. 2008 2009 2010
CONSOLIDATED BALANCE SHEET
BALANCE 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%
11. TOTAL CURRENT ASSETS
- Collateral on leased
aircraft(deposit)
- Assets held for sale
- Derivative financial instruments
(exchange rates)
- Restricted cash(airline tickets)
25. Conclusions:
In 2010 we continued to
expand our presence
across Europe as we
realise our vision to ‘Turn
Europe Orange’,
building on our strong
positions at major
airports and adding two
new countries to our
network at the end of
the year.
26. Financial Review:
Total revenue grew
11.5% to £2,973.1 million
and reported profit
before tax was £154.0
million or £2.75 per seat.
This result was achieved
despite the significant
impact of disruption on
the business during the
year.
5.1% Revenue per seat
grown compared to 2009
27. 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
28. Disruption
In 2009 the combination of
disruption from snow,
volcanic ash and ATC strikes
led to incremental costs of £
97,9 million versus the prior
year.
During April 2009 easyJet
was forced to cancel 7314
flights,
As the climate change is a
big problem affecting the
whole world we are thinking
about a possible insurance.
29. 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.
