EasyJet 2009 Annual Report Download

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Annual report and accounts 2009

Table of contents

  • Page 1
    Annual report and accounts 2009

  • Page 2
    ... number 3959649. easyJet plc's registered office is Hangar 89, London Luton Airport, Bedfordshire LU2 9PF. The Directors present the Annual report and accounts for the year ended 30 September 2009. References to 'easyJet', the 'Group', the 'Company', 'we', or 'our' are to easyJet plc or to easyJet...

  • Page 3
    ... with SRT to deliver savings of around £175 million over the 11 year life of the contract q easyJet's position in European short-haul aviation has strengthened with market share gains in a number of valuable markets such as Paris, London Gatwick, Milan and Madrid and over a 10% increase in slots at...

  • Page 4
    ...easyJet plc Annual report and accounts 2009 q easyJet AT A GLANCE During 2009 we have delivered a resilient financial performance. By building strong positions at major airports in key markets such as London Gatwick, Milan, Madrid and Paris we have developed Europe's premier air transport network...

  • Page 5
    03 easyJet plc Annual report and accounts 2009 q Overview Business review Governance Accounts Other information Focused on European short-haul aviation Non-UK passengers million Increasing easyJet's geographic diversity 6.5% market share. 45 million passengers. 181 aircraft situated in 20 bases....

  • Page 6
    ... position in the European short-haul market, gaining share in important markets such as Milan, Paris, Madrid and London Gatwick and increasing our slot portfolio at congested airports by over 10%. Business model and strategy In a tough economic environment, easyJet's continued resilient performance...

  • Page 7
    05 easyJet plc Annual report and accounts 2009 q Overview Business review Governance Accounts Other information Board At easyJet we believe that good corporate governance is vital. At the heart of this is a strong Board team who both support and challenge the executive management so that together...

  • Page 8
    ... easyJet plc Annual report and accounts 2009 q BUSINESS REVIEW STRATEGY AND KPIS We believe people make the difference. It's through the efforts of all our people to deliver our four strategic priorities that we will realise our vision: to become the best low fares airline in the world. Financial...

  • Page 9
    07 easyJet plc Annual report and accounts 2009 Overview q Business review Governance Accounts Other information Strategic KPIs 1 SAFETY IS OUR NO.1 PRIORITY We will never compromise our commitment to safety, which is always the first priority for all of our people. Composite risk value (CRV) ...

  • Page 10
    ... ï¬,eet We believe in the importance of a young and reliable fleet, which leads to lower maintenance and network disruption costs. We currently fly 181 aircraft, with 35 new Airbus A320 family aircraft joining the fleet during the year, as part of our plan to operate an Airbus-only fleet from 2012.

  • Page 11
    09 easyJet plc Annual report and accounts 2009 Overview q Business review Governance Accounts Other information Rigorous safety processes Andy Harrison, Chief Executive Officer, and Operations Director, Cor Vrieswijk, are responsible for all aspects of safety delivery, including our compliance ...

  • Page 12
    ... the best possible return on our investments. Route management Schedule quality is vital. Since 2006 we have strengthened our position at London Gatwick, Paris, Milan and Madrid by a combined total of seven million departing seats. At London Gatwick, we have increased our share of short-haul flights...

  • Page 13
    ...-performing bases such as Luton. Number of aircraft by base Manchester Edinburgh 3 4 Luton Belfast International Glasgow 6 4 East Midlands Newcastle Liverpool 6 3 16 39 Stansted Gatwick 12 Berlin 9 Bristol 11 Paris Charles de Gaulle 9 Paris Orly 6 6 2 Basel 4 Lyon 8 Geneva...

  • Page 14
    ... and services to match. During the year, we aggregated all our customer data into a single location to give us a fast and intelligent view on emerging trends in customer travelling habits. easyJet is leading the way within the airline industry on its use of social media to drive customer engagement...

  • Page 15
    ... Best European Budget Airline (World Traveller Awards), Best Airline Website (Travolution) and the Condé Nast Traveller Best Low Cost Airline award (for the 6th consecutive year). 11months schedule online We now release our flight schedule up to 11 months in advance, so customers can plan and book...

  • Page 16
    ... network and competitive fares have enabled us to win market share and drive the best revenue performance of any European airline. Over the past year, we have grown the number of business passengers in spite of an overall decline in the business travel market. Our unique revenue management system...

  • Page 17
    15 easyJet plc Annual report and accounts 2009 Overview q Business review Governance Accounts Other information Fuel management system - case study Fuel efficiency is very important to us at easyJet. It is our largest single cost and also the most volatile. During 2009, we have made significant ...

  • Page 18
    ...85.5%. easyJet strengthened its position in a number of valuable markets including Paris, London Gatwick, Milan and Madrid, increasing its slots at constrained airports by over 10% in the year. Andrew Harrison Chief Executive Regulatory update In March 2009, the UK Competition Commission confirmed...

  • Page 19
    ... of the GB Airways acquisition on 31 January 2008. Capacity was reduced in weaker performing markets such as Luton and the UK regions. UK At Gatwick, easyJet is now the leading airline with 39 based aircraft and a 30% share of the airport's passengers and we continue to leverage that position to...

  • Page 20
    ... airports. Also, the aircraft operates with a cost per seat that is around 6% lower than the A319. The total fleet at 30 September 2009 comprised 181 aircraft. A further 70 easyJet specification aircraft deliveries are currently planned for arrival over the next three years, a net increase...

  • Page 21
    ... easyJet plc Annual report and accounts 2009 Overview q Business review Governance Accounts Other information The total fleet plan over the period to 30 September 20123 is as follows: easyJet A320 family Boeing 737700 GB Airways A320 family Outlook Total aircraft At 30 September: 2008 2009 2010...

  • Page 22
    ... months of GB Airways activity. Results this year have been significantly impacted by the following factors: q Fuel prices and hedging q US dollar and euro exchange rates q Reduction in aircraft utilisation Fuel prices and hedging Total fuel cost amounted to £807.2 million in 2009, an increase...

  • Page 23
    ... of year Average number of aircraft owned/leased during year Number of aircraft operated at end of year Average number of aircraft operated during year Operated aircraft utilisation (hours per day) Number of routes operated at end of year Number of airports served at end of year 2009 2008 Change...

  • Page 24
    ..., *Underlying measures exclude the £11.0 million profit on disposal of assets held for sale in 2009 non-sterling revenues now accounting for 51% of total revenues. and £12.9 million of GB Airways integration costs in 2008. Passenger revenue per seat increased by 5.9% to £40.70 but on a constant...

  • Page 25
    ... the benefit of the reduction in the number of leased aircraft as the Boeing 737-700s have started to leave the fleet partly offset by the full year costs of the new in-house maintenance planning function. During the year, 12 leased Boeing 737-700s and four leased (ex GB) A320s were returned to...

  • Page 26
    ... part of the acquisition of GB before tax compared to 2008, despite the fuel bill rising £98.5 million. With Airways, is expected to deliver the targeted benefits in aircraft ownership. total revenue per seat increasing by 10.9% and total cost per seat increasing by 15.1%, profit margin dropped by...

  • Page 27
    ... Board has agreed to retain these owned aircraft to support the European expansion plans in 2010. Summary balance sheet 2009 £ million 2008 (restated)* £ million Goodwill Property, plant and equipment Other non-current assets Net working capital Cash and cash equivalents Money market deposits...

  • Page 28
    ... of profits earned in the summer and the reversal of fair value fuel hedge losses deferred in equity at 31 March 2009. £61 £60 £60 £863* (£10) £ million £471 (£508) £78 £1,075* Summary cash flow Cash generated from operations Acquisition of GB Airways Net capital expenditure Net increase...

  • Page 29
    ...*. Our main insurers are Global, AIG, Kiln, Canada Life, QBE, Chubb, Ace and Allianz. One of our biggest costs is fuel and our main suppliers are Shell, Air BP, Exxon and Q8. Our IT systems include agreements with AIMS, who provide crew, aircraft and flight management control and operation software...

  • Page 30
    ... the network as the Company grows geographically. Lack of awareness of local regulations or management issues could have adverse operational, reputational and financial consequences. Reputational risks Business continuity: easyJet's head office is located at a major London airport. IT security and...

  • Page 31
    ... on future operating costs. Centralised procurement department that negotiates key contracts. Most developed markets have suitable alternative service providers. Financial risks Fuel price and currency fluctuations: Sudden and significant increases in jet fuel price and foreign exchange rates would...

  • Page 32
    ...in all key business decisions and continue to invest in a fleet of young and fuel-efficient aircraft. Safety and our customer proposition are key strategic priorities and are covered in detail on pages 8 to 9 and 12 to 13 of this publication and therefore this Corporate Responsibility report focuses...

  • Page 33
    ... plc Annual report and accounts 2009 Overview q Business review Governance Accounts Other information the Flexicrew scheme for our pilot requirements, employing 92 pilots across seven bases for fixed periods of time, to meet our operational needs. Following the consolidation of easyTech and GB...

  • Page 34
    ...insurance, life assurance and private medical insurance. There are also "lifestyle" products which offer discounts on a wide range of products and services. Employees make further savings in tax and National Insurance for many of these benefits, through salary sacrifice. easyJet's National Insurance...

  • Page 35
    33 easyJet plc Annual report and accounts 2009 Overview q Business review Governance Accounts Other information ETS EU Emissions Trading Scheme We were leading proponents for aviation's entry into EU ETS. The executive management team expected that the Pulse results would decline in 2009 because...

  • Page 36
    ...less efficient services. The efficiency that we bring to a market can even result an overall reduction in emissions in absolute terms, even if total passenger numbers increase. Alongside our operating model we work every day on improving the efficiency of our flying, and in the last year implemented...

  • Page 37
    35 easyJet plc Annual report and accounts 2009 Overview q Business review Governance Accounts Other information Reducing our emissions During the year, efficiency improvements have led to a significant reduction in emissions intensity. In particular: q Total emissions from our operations continue...

  • Page 38
    ... members. RAC plc Independent Non Executive Director delivered strong growth in a variety of consumer Sven (1953) was appointed to the Board of easyJet services, which included BSM, financial and legal in March 2008. A graduate of Stanford University, services, as well as good expansion in business...

  • Page 39
    ... plc Annual report and accounts 2009 Overview Business review q Governance Accounts Other information 06 07 08 09 10 06 John Browett Independent Non Executive Director John (1963) joined easyJet in September 2007. He is currently Chief Executive Officer of DSG International plc, a position...

  • Page 40
    ...as Head of Projects and Networks in December 2000 and becoming IT Director in March 2002. During this time, Tim successfully developed and delivered a series of programmes that saw a period of major technological innovation, significantly enhancing the systems architecture and key business processes...

  • Page 41
    ... buy out team and headed up cabin services and on board product development and later customer services. Cath played an active role in the merger of Go into easyJet. Cath has successfully carried out a number of senior management roles at easyJet including Head of Ground Operations, Head of Airport...

  • Page 42
    40 easyJet plc Annual report and accounts 2009 CORPORATE GOVERNANCE Principles statement easyJet is committed to meeting the required standards of corporate governance. Statement of compliance During the year the Board considers that it and the Company have complied with the best practice ...

  • Page 43
    ... financial reporting processes. The ultimate responsibility for reviewing and approving the annual and other accounts remains with the Board. The Audit Committee has met four times during the course of the year, including an additional meeting in September 2009 to review the accounting policy issues...

  • Page 44
    ...the financial year, easyJet spent £0.1 million with PricewaterhouseCoopers LLP (2008: £0.9 million) in respect of non-audit services. The Board is satisfied that the Directors who are currently members of this Committee are those who are best able to contribute to the Committee's objectives. David...

  • Page 45
    ... regular Commercial, Financial and IT functional meetings; ï' The Executive Management Team meets monthly to consider significant current risks. Individual department and overall business performance is reviewed. The reporting of significant risks to Executive Management Team and the Board of the...

  • Page 46
    44 easyJet plc Annual report and accounts 2009 SHAREHOLDER INFORMATION Share capital Details of the movements in authorised and issued share capital during the period are provided in note 18 to the accounts. The rights and obligations attaching to the Company's Ordinary Shares are set out in the ...

  • Page 47
    ...). Details of the performance conditions for awards made during the year under review are set out on page 53. 2) The Company has experienced issues over the retention of members of the Board and Executive Management Team. Accordingly, with effect from 15 May 2009, a number of changes were made to...

  • Page 48
    ...long-term targets • Other measures based on: - Revenue - Cost - Operational excellence • Subject to stretching ROE targets • Aligned to business plan • Subject to 175% of salary • Incentivise long-term growth in shareholding requirement easyJet's ROE • Provide minimum retirement benefits...

  • Page 49
    47 easyJet plc Annual report and accounts 2009 Basic salary The basic salaries of the Executive Directors are reviewed annually and are set taking account of the salary required to deliver an overall total package that reflects a number of factors including: ï' practice adopted in companies of a ...

  • Page 50
    ... growth and returns, to deliver the best shareholder value The performance targets detailed above that apply to the part of an award over 100% of salary are set to be tougher due to the higher potential quantum available. All employee share plan participation easyJet encourages share ownership...

  • Page 51
    ... leaver for the LTIP award made in December 2007, subject to the usual pro-rating for performance and service. This is explained on page 54. Jeff Carr's contract was changed during the year under review, in line with a new policy for Executive Directors, to be terminable on 12 months notice by both...

  • Page 52
    ... Airlines group. Directors' emoluments (audited) Details of emoluments, paid or payable by easyJet to the Directors of easyJet plc who served in the financial year ended 30 September 2009 are as follows: Pension contributions Salary/fee 2009 Bonus 2009 Total 2009 Total 2008 2009 2008 Executive...

  • Page 53
    ... salary). Jeff Carr resigned on 25 September 2009 and will not be paid a bonus for the year ended 30 September 2009. This bonus was earned against challenging targets that were set at the start of the financial year under review. These targets reflected the key short-term objectives of the business...

  • Page 54
    ...2011 16 Jul 2012 3 Jun 2011 n/a * Jeff Carr's outstanding share awards were forfeited on his resignation effective 25 September 2009. No Non Executive Director has been granted any share options or awards. The closing share price of the Company's ordinary shares at 30 September 2009 was £3.79 and...

  • Page 55
    ... Executive Officer Recruitment Award F Sharesave (SAYE) scheme G Share Incentive Plan - Free shares H Share Incentive Plan - Matching Shares Note 1: The number of shares are calculated according to the scheme rules of individual plans based on the middle-market closing share price of the day prior...

  • Page 56
    ...maximum number of performance and matching shares covered by this change is 193,325. Any vesting would be subject to pro-rating for both performance and service. Based on performance for the year ended 30 September 2009, none of these shares would vest. With regard to future long-term incentive plan...

  • Page 57
    ... with International Financial Reporting Standards (IFRSs) as adopted by the European Union. Under company law the Directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of...

  • Page 58
    56 easyJet plc Annual report and accounts 2009 ACCOUNTS INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF easyJet PLC We have audited the accounts of easyJet plc for the year ended Opinion on other matters prescribed by the 30 September 2009 which comprise the Consolidated income statement, Companies...

  • Page 59
    57 easyJet plc Annual report and accounts 2009 CONSOLIDATED INCOME STATEMENT Notes Year ended 30 September 2009 £ million Year ended 30 September 2008 £ million Passenger revenue Ancillary revenue Total revenue Ground handling Airport charges Fuel Navigation Crew Maintenance Advertising ...

  • Page 60
    58 easyJet plc Annual report and accounts 2009 CONSOLIDATED BALANCE SHEET Notes 30 September 2009 £ million 30 September 2008 £ million (Restated) (note 23) Non-current assets Goodwill Other intangible assets Property, plant and equipment Derivative financial instruments Loan notes Restricted ...

  • Page 61
    ...employee share schemes Proceeds from drawdown of bank loans Repayment of bank loans Repayment of capital elements of finance leases Net increase in money market deposits (Increase) / decrease in restricted cash Net cash generated from financing activities Effect of exchange rate changes Net increase...

  • Page 62
    60 easyJet plc Annual report and accounts 2009 CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE Notes Year ended 30 September 2009 £ million Year ended 30 September 2008 £ million Cash flow hedges Fair value (losses) / gains in year Losses / (gains) transferred to income statement Gains ...

  • Page 63
    ...ACCOUNTS 1 Accounting policies Statement of compliance easyJet plc (the "Company") and its subsidiaries ("easyJet" or the "Group" as applicable) is a low cost airline carrier operating principally in Europe. The Company is a public limited company whose shares are listed on the London Stock Exchange...

  • Page 64
    ... generally entitled to change flights or seek refunds once a flight has departed. Business combinations Business combinations are accounted for by applying the purchase method. The cost of the acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given and...

  • Page 65
    ... losses recognised on goodwill are not reversed. Leases Non-contingent operating lease rentals are charged to the income statement on a straight-line basis over the life of the lease. A number of operating leases require easyJet to make contingent rental payments based on variable interest rates...

  • Page 66
    64 easyJet plc Annual report and accounts 2009 NOTES TO THE ACCOUNTS CONTINUED 1 Accounting policies (continued) Non-derivative financial assets Non-derivative financial assets are recorded at amortised cost and include loan notes, trade receivables, cash and money market deposits. Restricted cash...

  • Page 67
    65 easyJet plc Annual report and accounts 2009 Aircraft maintenance provisions The accounting for the cost of providing major airframe and certain engine maintenance checks for owned and finance leased aircraft is described in the accounting policy for property, plant and equipment. easyJet has ...

  • Page 68
    ... European Union. Applies to periods beginning on or after International Accounting Standards Board New and revised standards IAS 27 Consolidated and Separate Financial Statements (Revised) IFRS 1 First-time Adoption of IFRS (Revised)* IFRS 3 Business Combinations (Revised) IFRS 8 Operating Segments...

  • Page 69
    ...accounting Total audit fee Fees for other services GB Airways acquisition and integration Other 0.3 - 0.3 - 0.1 0.4 0.3 0.1 0.4 0.7 0.1 1.2 4 Employees The average number of persons employed by easyJet was: 2009 2008 Flight and ground operations Sales, marketing and administration Employee costs...

  • Page 70
    ...Key management compensation was: 2009 £ million 2008 £ million Short-term employee benefits Pension costs Payments for loss of office Share-based payments 4.5 0.2 - 0.7 5.4 3.5 0.4 0.1 0.5 4.5 The Directors of easyJet plc and the other members of the Executive Management Team are easyJet's key...

  • Page 71
    69 easyJet plc Annual report and accounts 2009 Reconciliation of the total tax (credit) / charge The tax for the year is lower than the standard rate of corporation tax in the UK as set out below: 2009 £ million 2008 £ million Profit on ordinary activities before tax Tax charge at 28% ...

  • Page 72
    70 easyJet plc Annual report and accounts 2009 NOTES TO THE ACCOUNTS CONTINUED 6 Earnings per share Basic earnings per share has been calculated by dividing the profit for the year by the weighted average number of shares in issue during the year after adjusting for shares held in employee share ...

  • Page 73
    ... been derived from the five-year strategic plan approved by the Board in June 2009, using the following key assumptions: Pre-tax discount rate (derived from weighted average cost of capital) Fuel price, per metric tonne, in US dollars Exchange rates US dollar Euro Swiss franc 10.69% 775 1.55 1.20...

  • Page 74
    ... Cost At 1 October 2007 Acquisition of GB Airways (restated - note 23) Additions Transfer to assets held for sale (restated - note 23) Disposals At 30 September 2008 Depreciation At 1 October 2007 Charge for the year Transfer to assets held for sale Disposals At 30 September 2008 Net book value...

  • Page 75
    ...to provide collateral should an aircraft be returned in a condition that does not meet the requirements of the lease and is refunded when qualifying heavy maintenance is performed, or is offset against the costs incurred at the end of the lease. Allowance for credit losses Movements in the provision...

  • Page 76
    ...185 days based on prevailing market rates of interest. Carrying value is not significantly different from fair value. Restricted cash comprises: 2009 £ million 2008 £ million Customer payments for packaged holidays Pledged as collateral to third-parties: Aircraft operating lease deposits Aircraft...

  • Page 77
    ... over fair value of aircraft that have been sold and leased back under operating leases. This balance will be realised in the income statement over the next eight years. 17 Maintenance provisions £ million At 1 October 2008 - originally reported Adjustment re acquisition of GB Airways (note 23...

  • Page 78
    76 easyJet plc Annual report and accounts 2009 NOTES TO THE ACCOUNTS CONTINUED 19 Share incentive schemes easyJet operates the following share incentive schemes, all of which are equity settled. The change in the number of awards outstanding and weighted average exercise prices during the year, ...

  • Page 79
    ... at shareholder meetings. Employees who are not paid through the UK payroll may save under similar terms and conditions, albeit without tax benefits. In October 2006 and December 2007, easyJet also awarded free shares to all employees under the share incentive plan. Long term incentive plan The plan...

  • Page 80
    ...63 4.33 2.88 3.76 The weighted average fair value of shares issued under the share incentive plan during the year was £3.00 (2008: £5.46). Share price is the closing share price from the last working day prior to the date of grant. Exercise price for the discretionary schemes was determined using...

  • Page 81
    ... assets held for sale Amortisation of intangible assets Share-based payments Derivative financial instruments - time value Unrealised foreign exchange differences Changes in working capital and non-current deferred income: Decrease in trade and other receivables Increase in trade and other payables...

  • Page 82
    ... (45.7) Bank loans Finance lease obligations Net funds / (debt) (non-GAAP measure) 23 Acquisition of GB Airways On 31 January 2008, easyJet acquired 100% of the share capital of and voting rights in GB Airways. At 30 September 2008 the fair values of assets acquired and liabilities assumed were...

  • Page 83
    ... value £ million Fair value £ million At 30 September 2009 Financial assets Loan notes Restricted cash Other non-current assets Derivative financial assets Trade and other receivables Cash and money market deposits Financial liabilities Trade and other payables Borrowings Derivative financial...

  • Page 84
    82 easyJet plc Annual report and accounts 2009 NOTES TO THE ACCOUNTS CONTINUED 24 Financial instruments (continued) Fair value of derivative financial instruments At 30 September 2009 Designated as cash flow hedges Forward US dollar contracts Forward euro contracts Forward jet fuel contracts ...

  • Page 85
    ...2009 £ million 2008 £ million Gains / (losses) on cash flow hedges recycled from shareholders' funds into income statement captions: Revenue Fuel Maintenance Other costs Profit on disposal of assets held for sale Aircraft lease costs Undesignated portion of losses on cash flow hedges (time value...

  • Page 86
    ... review to ensure best practice in light of developments in the financial markets. There have been no changes to the policy in the current year. Capital management The objective of capital management is to ensure that easyJet is able to continue as a going concern whilst delivering shareholder...

  • Page 87
    85 easyJet plc Annual report and accounts 2009 Liquidity risk management The objective of easyJet's liquidity risk management is to ensure sufficient cash resources and the availability of funding as required. easyJet holds financial assets either for which there is a liquid market or which are ...

  • Page 88
    ... the impact on profit or loss after tax for the year and shareholders' funds on financial instruments held at the reporting date. It does not reflect changes in revenue or costs that may result from changing currency rates, interest rates or fuel prices. Each sensitivity is calculated based on all...

  • Page 89
    ... not have a material effect on easyJet's financial position, results or cash flows. At 30 September 2009 easyJet had outstanding letters of credit and performance bonds totalling £29.4 million of which £28.7 million expires on or before 30 September 2010. The fair value of these instruments was...

  • Page 90
    ... 2008 £ million Non-current assets Investments in subsidiary undertakings Current assets Amounts due from subsidiary undertakings Current liabilities Amounts due to subsidiary undertakings Current tax liabilities Other payables Net current assets Net assets Shareholders' funds Share capital Share...

  • Page 91
    89 easyJet plc Annual report and accounts 2009 COMPANY CASH FLOW STATEMENT Notes Year ended 30 September 2009 £ million Year ended 30 September 2008 £ million Cash flows from operating activities Cash used by operations Interest received Net cash used by operating activities Cash flows from ...

  • Page 92
    ... is paid by easyJet Airline Company Limited. The Executive Directors of easyJet plc are employed and paid by easyJet Airline Company Limited. Details of Directors' remuneration are disclosed in the Report on Directors' remuneration and in note 4 to the consolidated accounts. b) Investments in...

  • Page 93
    91 easyJet plc Annual report and accounts 2009 c) Reconciliation of movement in shareholders' funds Share capital £ million Share premium £ million Retained earnings £ million Total £ million At 1 October 2008 Profit for the year Share incentive schemes Proceeds from shares issued Movement in...

  • Page 94
    ... number of block hours per day per aircraft operated. Administrative and operational costs not reported elsewhere, including some employee costs, compensation paid to passengers, exchange gains and losses and the profit or loss on the disposal of property plant and equipment. Number of earned seats...

  • Page 95
    ... Williams and all of our employees across our network. This annual report is printed on Revive Pure white silk, this paper is produced from 100% recycled fibre. Both the paper mill and printer involved in the production support the growth of responsible forest management and are both accredited to...

  • Page 96
    Hangar 89 London Luton Airport Luton Bedfordshire LU2 9PF www.easyJet.com