1) easyJet is a European airline that operates flights to 125 airports across 29 countries. 2) Between 2008-2010, easyJet's total revenue grew from £2.36 billion to £2.97 billion as passenger revenue increased. Ancillary revenue also increased as a percentage of total revenue over this period. 3) easyJet's net profit increased from £83.2 million in 2008 to £121.3 million in 2010, though it dipped in 2009. Total fixed costs as a percentage of revenue decreased from 2008 to 2010.

1. easyJet

2. 125 Airports 29 Countries

3. 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%

4. easyJet Revenue
TOTAL REVENUE
3.500,0
2.973,1
3.000,0
2.666,8
2.500,0 2.362,8
TOTAL REVENUE
2.000,0
1.500,0
1.000,0
2008 2009 2010

5. 3500
Contribution Margin 2973,1
3000
2666,8
2500 2362,8
2000
1500
1000
500
0
2008 2009 2010

6. 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%

7. easyJet Total fixed cost
92,0%
91,0%
90,0%
2008
89,0%
2009
88,0%
2010
87,0%
86,0%
85,0%
total fixed cost
2008 89,5%
2009 91,6%
2010 87,8%

8. easyJet Operating Costs
2008 2009 2010
35,0%
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%

9. easyJet Net Profit
4,5%
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

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)

12. Total Current Assets
70,0%
60,0%
45,7%
50,0%
40,4%
37,8%
40,0%
30,0%
20,0%
10,0%
0,0%
1
2008 2009 2010

13. TOTAL NON-CURRENT ASSETS
 Property, plant and equipment
 Goodwill
 Restricted cash and other non-current assets

14. Total Non – current Assets
2010 62,2%
2009 59,6%
2008 54,3%
TOT. Non current assets

15. Non-current ASSETS
2500
2000 1928,1
1612,2
1500
1.102,6
Goodwill
1000
Proprety, plant
500 and equipment
Other non-
current assets
0
2008 2009 2010

16. 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 2010
TOTAL NET
3.094,9 3673 4002,2
ASSETS

17. Current liabilities
35,00%
29,40%
28,90%
30,00%
26,60%
25,00%
20,00%
15,00%
10,00%
5,00%
0,00%
2008 2009 2010

18. Non-current liabilities
40,00%
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

19. easyJet Total liabilities
70,00% 64,40% 62,50%
58,70%
60,00%
50,00%
40,00%
30,00%
20,00%
10,00%
0,00%
2008 2009 2010

20. Liquidity
1,60
1,50 2008
2009
1,40 2010
1,30
Quick Ratio
2008 1,55
2009 1,40
2010 1,42
The current ratio is the same as we don’t have inventory.

21. Equity in £
1600
Equity
1400
1200
1000
800
1500,7
1278,2 1307,3
600
400
200
0
2008 2009 2010

22. Solvency ratio

23. Productivity: ROA ROS TAT

24. Productivity Roe
10%
5%
0%
Roe
2008 7%
2009 6%
2010 9%

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.

30. Cosa ti fa volare ? Europe by
easyJet