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

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