EasyJet 2010 Annual Report Download - page 18

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Introduction 2010 2009
£ million £ per
seat Pence
per ASK £ million £ per
seat Pence
per ASK
Total revenue 2,973.1 53.07 4.72 2,666.8 50.47 4.58
Prot before
tax 154.0 2.75 0.24 54.7 1.04 0.09
Prot after
tax 121.3 2.17 0.19 71.2 1.35 0.12
2010 conrmed the underlying strength of easyJet’s business model and
customer proposition. The Company continued to develop Europe’s
No.1 air transport network by increasing presence at primary airports
and continuing to enhance the route offering and timing and frequency
ofthe schedule.
This investment in the network has resulted in increased revenue yields
and protability despite the backdrop of a recessionary economic
environment across Europe.
Total revenue grew 11.5% to £2,973.1 million and reported prot
beforetax was £154.0 million or £2.75 per seat (2009: £54.7 million or
£1.04 per seat). This result was achieved despite the signicant impact
ofdisruption on the business during the year.
easyJet continues to generate strong operating cash ows and maintain
astrong balance sheet. Gearing levels remain low and the Company has
sufcient liquidity to fund its future growth.
The reported nancial performance in the year has been signicantly
impacted by the following factors:
– Network improvement;
– Fuel prices
– Volcanic ash disruption
– Winter snow disruption
– Air trafc control and strike action
Financial review
Strong operating cash flow
Net cash generated from operating activities.
£363.4m
2010 confirmed the underlying
strength of easyJet’s business
model and customer proposition.
The Company continued to develop
Europe’s No.1 air transport network
by increasing presence at the premier
airports and continuing to enhance
the route offering and timing and
frequency of the schedule.
Chris Kennedy
Chief Financial Officer
16 easyJet plc
Annual report and accounts 2010