easyJet switzerland

(Part 2) easyJet: Interim results for the six months ended 31 March 2002 - First-half Profits Revenues and Passenger Numbers both up by 36%

    Consolidated balance sheet

    (as at 31 March)

                                            Notes      Unaudited  Unaudited  Year ended
                                                          Six months Six months 30 Sept.
                                                          31/3/2002  31/3/2001  2001

                                                                 £ 000         £ 000         £ 000

Fixed assets

Intangible assets                                      2,911          3,079        2,995
Tangible assets                                      205,765        210,052    206,433
Investments                            5              -                    6,885        7,159
                                                              _______        _______    _______

                                                              208,676        220,016    216,587

Current assets

Debtors                                                    67,195         53,458      47,106
Cash at bank and
in hand                                                  381,898        228,755    244,435
                                                              _______        _______    _______

                                                              449,093        282,213    291,541
Creditors: amounts
falling due within
one year                                                (166,216)    (123,551) (113,428)
                                                              _______        _______    _______

Net current assets                                 282,877        158,662    178,113
                                                              _______        _______    _______

Total assets less
current liabilities                                491,553        378,678    394,700


Creditors: amounts
falling due after
more than one year                                 (74,242)    (106,136)  (76,289)


Provisions for
liabilities and charges                          (1,284)        (1,348)    (1,920)
                                                              _______        _______    _______

Net assets                                              416,027        271,194    316,491
                                                              =======        =======    =======
                    
Share capital and
reserves

Share capital                                          71,777         65,013      65,108
Share premium                                         286,912        195,073    196,638
Profit and loss                                        57,338         11,108      54,745
                                                              _______        _______    _______

Shareholders' funds
- equity                              8                 416,027        271,194    316,491
                                                              =======        =======    =======

    This Interim Report was approved by the Directors on 7 May 2002.

*********************************************************************

    Cash flow information

    Reconciliation of operating profit to net cash flow from operating activities


                                                          Unaudited  Unaudited  Year ended
                                                          Six months Six months 30 Sept.
                                                          31/3/2002  31/3/2001  2001

                                                                 £ 000         £ 000         £ 000


Operating profit/(loss)                            3,956      (10,420)      38,123
Amortisation                                            84              84            168
Depreciation                                              9,295         8,880        18,457
Loss on sale of assets                            40                -            236
Cost of share gift                                  24            478            967
(Increase) in debtors                            (20,631)    (12,499)      (6,146)
Increase in creditors                              52,385        39,301        31,571
                                                              _______        _______    _______
Net cash inflow from
operating activities                                45,153        25,824        83,376
                                                              =======        =======    =======

         Consolidated cash flow statements


                                                          Unaudited  Unaudited  Year ended
                                                          Six months Six months 30 Sept.
                                                          31/3/2002  31/3/2001  2001

                                                                 £ 000         £ 000         £ 000


Net cash inflow from
operating activities                                45,153        25,824        83,376
Returns on investments
and servicing of finance                          3,417            134         1,737
Taxation                                                        541                -                -
Capital expenditure and
financial investment                                (2,405)    (16,293)    (29,027)
                                                              _______        _______    _______

Cash inflow before
management of liquid
resources and financing                          46,706         9,665        56,086
Management of liquid
resources                                                 15,000      (20,000)    (15,000)
Financing                                                 90,757      205,002      174,261
                                                              _______        _______    _______

Increase in cash in the period              152,463      194,667      215,347
                                                              =======        =======    =======

    Reconciliation of net cash flow to movements in net funds


                                                          Unaudited  Unaudited  Year ended
                                                          Six months Six months 30 Sept.
                                                          31/3/2002  31/3/2001  2001

                                                                 £ 000         £ 000         £ 000


Increase in cash in the
period                                                    152,463      194,667      215,347
Cash outflow for decrease
in debt                                                      4,631         5,751        37,893
Cash (inflow)/outflow for
movement in liquid resources                 (15,000)      20,000        15,000
                                                              _______        _______    _______

Change in net funds resulting
from cash flows                                      142,094      220,418      268,240
Exchange difference on loans                  (2,684)      (4,316)      (1,081)
                                                              _______        _______    _______

Increase in net funds for the
period                                                    139,410      216,102      267,159
Net funds/(debt) at the start
of the period                                         161,154    (106,005)  (106,005)
                                                              _______      _______      _______
          
Net funds at the end of the period        300,564      110,097      161,154
                                                              =======      =======      =======

    Net funds at the end of the period comprises:


                                                          Unaudited  Unaudited  Year ended
                                                          Six months Six months 30 Sept.
                                                          31/3/2002  31/3/2001  2001

                                                                 £ 000         £ 000         £ 000

Cash at bank and in hand                        381,898      228,755      244,435
Bank  loans                                            (81,334)  (118,658)    (83,281)
                                                              _______      _______      _______
                        
                                                          
                                                              300,564      110,097      161,154
                                                              =======      =======      =======

*********************************************************************

    Consolidated statement of total recognised gains and losses


                                                          Unaudited  Unaudited  Year ended
                                                          Six months Six months 30 Sept.
                                                          31/3/2002  31/3/2001  2001

                                                                 £ 000         £ 000         £ 000

Retained profit/(loss) for the
period                                                          778      (10,286)      37,907
Foreign currency translation
differences                                                3,347         3,050          (254)
                                                              _______      _______      _______
                
Total recognised gains and losses
for the period                                          4,125        (7,236)      37,653
                                                              =======      =======      =======

    Consolidated reconciliation in shareholders' funds


                                                          Unaudited  Unaudited  Year ended
                                                          Six months Six months 30 Sept.
                                                          31/3/2002  31/3/2001  2001

                                                                 £ 000         £ 000         £ 000

Retained profit for the period                    778      (10,286)      37,907
Foreign currency translation
differences                                                3,347         3,050          (254)
Movement in reserves for employee
share scheme                                            (1,532)         (726)      (1,978)
Shares issued by easyJet plc                  96,943      213,439      215,099
                                                                ______      _______      _______
        
Net addition to shareholders'
funds                                                        99,536      205,477      250,774
Opening shareholders' funds                  316,491        65,717        65,717
                                                                ______      _______      _______
              
Closing shareholders' funds                  416,027      271,194      316,491
                                                              =======      =======      =======

*********************************************************************

    Notes to the Interim Statements

    1 Basis of preparation of interim financial information

  The financial information contained in this statement does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985.

    The unaudited consolidated profit and loss and balance sheet for
the half years ended 31 March 2001 and 31 March 2002 have been
prepared on a basis consistent with the statutory accounts for the
year ended 30 September 2001.  The comparative figures for the
financial year ended 30 September 2001 are not the company's
statutory accounts for that financial year. Those accounts have been
reported on by the company's auditor and delivered to the Registrar
of Companies. The report of the auditor was unqualified and did not
contain a statement under section 237 (2) or (3) of the Companies Act
1985.         The group has adopted FRS18 "Accounting Policies" and
FRS19 "Deferred Tax" in this interim financial statement. This has
not had a material effect on the financial information included in
this statement in either the current or prior period.

    2 Turnover and segmental analysis

    All revenues derive from the easyJet's principal activity as an airline and include scheduled services, in-flight and related sales. Substantially all of easyJet's external revenues are earned by companies incorporated in the United Kingdom.

    The geographical analysis of turnover by destination is as follows:


                                                          Unaudited  Unaudited  Year ended
                                                          Six months Six months 30 Sept.
                                                          31/3/2002  31/3/2001  2001

                                                                 £ 000         £ 000         £ 000


Within the United Kingdom                        49,055        42,481        86,545
Between the United Kingdom and
the Rest of Europe                                 130,970        91,361      244,764
Within the Rest of Europe                        13,917         9,002        25,550
                                                                ______      _______      _______
  
                                                              193,942      142,844      356,859
                                                              =======      =======      =======
                      
    easyJet's operating profit principally arises from airline-related
activities.

    The principal revenue earning assets of easyJet are its aircraft fleet.  Since easyJet's aircraft fleet is employed flexibly across its route network, there is no suitable basis of allocating such assets and related liabilities to geographical segments.

    3 Earnings per share

    Basic earnings per share has been calculated by dividing the (loss)/profit for the period retained for equity shareholders by the weighted average number of shares in issue during the period after adjusting for changes to the capital structure of the group.

    The calculation for diluted earnings per share uses the weighted average number of ordinary shares in issue adjusted by the effects of all dilutive potential ordinary shares. The dilution effect is calculated on the full exercise of all ordinary share options granted by the group including other share schemes, which the group consider to have been earned. The calculation compares the difference between the exercise price of exercisable share options, weighted for the period over which they were outstanding during the year, with the average daily mid-market closing price over the period when they were in existence as options. For the share option and other share schemes in place at 31 March 2001, the loss per share is not dilutive as conversion to ordinary shares would reduce net loss per share.

    The earnings per share are based on the following:


                                                          Unaudited  Unaudited  Year ended
                                                          Six months Six months 30 Sept.
                                                          31/3/2002  31/3/2001  2001


Profit/(loss) for the period
retained for equity shareholders
(£000's)                                                        778      (10,286)      37,907
                                                              =======      =======      =======
                                                          
                                                                Number        Number        Number

Weighted average number of ordinary
shares in issue during the period
used to calculate basic earnings
per share (000's)                                  279,973      238,447      249,322

Weighted average number of dilutive
shares options used to calculate
dilutive earnings per share (000's)        16,103                -        13,288

    4 Administrative expenses

    There are no exceptional items to be reported in the administrative expenses for this half year. Included within administrative expenses were the following exceptional items in the previous year:

    - £1.3 million in 6 months ended 31 March 2001 (£1.8 million for year ended 30 September 2001), principally in respect of granting gifts of shares to certain employees of the group.

    - £2.0 million in 6 months ended 31 March 2001 (£2.0 million for year ended 30 September 2001), in respect of a court decision against easyJet Switzerland, relating to VAT on tour operators for charter services provided in the years before shares in easyJet Switzerland were purchased by the group.

    5 Amounts written off investments

    easyJet is one of seven shareholders in The Airline Group, a consortium of airlines which owns a minority interest in the company that operates the UK air traffic control system (NATS). Given the long time period before a return would be realised, the £7.2 million investment in The Airline Group has been fully provided for.

    6 Taxation

    The taxation charge is made up as follows:


                                                          Unaudited  Unaudited  Year ended
                                                          Six months Six months 30 Sept.
                                                          31/3/2002  31/3/2001  2001

                                                                 £ 000         £ 000         £ 000

UK corporation tax                                          -                -         1,936
Overseas taxation                                         235                -            290
                                                                ______      _______      _______

                                                                    235                -         2,226
                                                                ======      =======      =======

Effective tax rate                                    23.2%                -          5.5%

    The effective tax rate is lower than the standard rate of tax for a number of reasons:

    - an exemption exists from cantonal and communal taxes in Switzerland for the business of easyJet Switzerland until 31 December 2006, which reduces the effective rate of taxation in Switzerland to 7.8 per cent; and

    - tax allowances are available in the UK and Switzerland in respect of share options granted to group employees.

    Share options

    A deduction is available for the difference between the market value of the shares at the date of exercise of the share option (or the market value at 31 March 2002 if the options remain unexercised) and the option price for UK employees.  This deduction has been available since 22 November 2000, the date that easyJet plc’s shares were first admitted to the Official List of the London Stock Exchange.

    If the share price increases between 31 March 2002 and the date of exercise of the outstanding options, then a further tax deduction will be recognised in subsequent financial periods.  However, if the share price falls, then there will be a tax charge.  Given the number of options outstanding, movements in the share price could potentially cause a significant variation in the tax charge and the effective tax rate in future years. For example, a one penny reduction in the share price will potentially reduce the deduction available against taxable profits by £0.2 million. For Swiss employees, a similar tax deduction is available, but only when the stock options have been exercised.

    7 Dividends

    No dividends have been paid or proposed in the period ended 31 March 2002 or during the comparative accounting periods.

    8 Share capital and reserves

                                        Share        Share        Profit and        Total
                                        capital    Premium    loss account    
                                            £000         £000                £000        £000

At 1 October 2001              65,108    196,638            54,745        316,491
Retained profit for
the period                                 -              -                 778              778
Foreign currency
translation differences            -              -              3,347          3,347

Issue of ordinary share
capital                                6,669      90,274                    -         96,943
Movement in profit and
loss account for employee
share schemes                            -              -            (1,532)        (1,532)
                                         ______      ______            ______         ______

At 31 March 2002                71,777    286,912              57,338      416,027
                                         ======    =======            =======      =======

    The called up share capital was increased during the period by the issue of 26,032,258 Ordinary Shares at a price of £3.75 under a Placing and Open Offer. Of these shares, 19,532,258 new Ordinary Shares were the subject of an Open Offer made to Qualifying Shareholders and the balance of 6,500,000 new Ordinary Shares were placed with institutional investors.

ots Originaltext: easy Jet
Internet: www.newsaktuell.ch

Contact:
easy jet plc
Tom Wepfer
Market Manager Eastern Switzerland
phone: +41/78/635-96-00

or

Toby Nicol
Head of Corporate Communications
phone: +44/1582/525-339

Grandfield
Charles Cook / Clare Abbot
phone: +44/20/7417-4170



Weitere Meldungen: easyJet switzerland

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