1.

0 Executive Summary:

This report talks about EasyJet’s company profile in terms of risk, shareholders
funds, ownership, and firms’ life cycle that are taken into consideration for
ascertaining future trends at EasyJet Plc. In order to get a closer look into the
company details there have been key details that have been taken into
consideration like the Income statement, balance sheet and cash flow statement.
There is a comparative analysis done between Easy jet and two other players in the
industry namely British Airways and Ryanair. The report highlights certain key
factors that have helped EasyJet remain competent and ensure a systematic cash
flow. This report aims to give an in-depth view into the airlines industry and how it
has remained sustainable against many odds.

1.1 Introduction:

EasyJet plc is an airline carrier operating principally in Europe. EasyJet provides

high frequency services on short-haul and medium-haul point-to-point routes within
Europe from its three airport bases at London, Luton, Liverpool and Geneva.
EasyJet offers simple no frills service aimed generally at both the leisure and
business travel markets. The fares offered are significantly below those offered by
traditional full-service or multi-product airline. EasyJet has a significant presence in
major airports and operates the leading network in European short-haul aviation on
the top 100 routes. EasyJet operates around 25 A320 aircrafts across the network
which has enabled the company to extend their current network. We would be
discussing the company profile in various financial aspects and see how EasyJet has
managed to remain profitable inspite of adverse economic conditions, volatile oil
price changes and severe weather conditions. For this purpose a detailed trend
analysis is being conducted on various financial parameters.

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2.0 Aim and Objectives of the Firm

The aim of EasyJet is to achieve an average post tax ROCE (return on capital
employed) of 12% by 2011. This company has been able to benchmark cost
categories against other low cost carriers such as Ryanair and British Airways. In
order to save cost the company is focusing on its objective of building a greater
proportion of A320into the fleet plan. As per details in the annual report there are
currently 25 EasyJet 180 seat A320s in the fleet and it has been observed that this
introduction of fleet has ensured a reduction in cost per seat and has led to
significant increase in sales contribution. Through this measure the company has
been able to balance yield and cost to improve margins.
EasyJet also aims to have stronger supplier relationship to meet pre-agreed
performance targets and align it with EasyJet’s own internal performance goals to
have a continued successful business. The company’s main objective would be offer
lowest fare to increase passenger load. EasyJet’s strategy is growth with margin
improvement and therefore the management team continually focuses its efforts on
all three drivers of margin: yield, ancillaries and cost, with the aim of achieving a
15% return on equity in the medium-term.

The classic objective function of the corporate finance suggests that the objective of
a company should be to maximize firm’s value and stock prices. EasyJet has been
firmly focused on maximizing the value of the firm by improving margins to achieve
a profit per seat of £5. The other focus is on achieving a 15% ROE. The company’s
clearly and well stated strategy and systematic implementation of the said purpose
has helped the firm to achieve a higher level of profit on a year-on-year basis.

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3.0 The composition of the board of directors for EasyJet.

– As at 30 September 2010, the Board is comprised of seven non-

Executive Directors including the Chairman and two Executive Directors.

– Easy jet has not had any agency problem in the recent past and the company
does not predict any agency problem in the future since the management,
the shareholders and creditors have a uniform goal for the company in the
future. However, the company does offer a reward structure which includes
an annual performance-driven bonus, based on personal and Company
performance, which encourages all employees to contribute towards
achieving the company’s strategic objectives. Employees are eligible to
participate in a Group personal pension towards which EasyJet contributes,
as well as having the option to make their own contributions through salary
sacrifice arrangements. EasyJet offers a competitive rewards package and
reviews salaries annually in line with the market rates to ensure continued
alignment to the market.

NOTE: The composition of the share ownership and the implications.

The details about institutional investors, marginal investors, and percentage
of stock held by employees, insiders buying or selling stocks are not given in
the annual report. For this information we need to contact institutional
investors and analysts:
Rachel Kentleton, Investor Relations at +44 (0) 7961 754 468

NOTE: There is no evidence of the presence of any conflict of interests

between various stakeholders in the company.

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 4.0 Firm’s Life Cycle

Figure: 1 Firms life Cycle.

The Life of any firm revolves around the stages of introduction, growth, maturity,
recession and decline. In the case of EasyJet the current stage that the firm is
experiencing in terms of its life cycle, would be the Growth stage. EasyJet is
strongly positioned to take advantage of the continuing profitable growth
opportunities in European short-haul aviation. This growth combined with the
margin improvement through a tight focus on costs and accessing new revenue
opportunities, means that EasyJet is poised to continue the strong operating cash
generation of the past few years. Consequently, the Board of the company has
decided to trigger a dividend payment in 2012. The company is also trying to
ensure that the company remains cautiously financed with a strong, liquid balance

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sheet which will ensure that shareholders are able to benefit directly from the
Company’s success while it continues to extend its market share.
While the company focuses on growth, it is also faces some potential risk due to
environmental impact. The environmental factors have a significant impact on
public policy towards aviation, from restrictions on airport expansion to passenger
taxes. Aviation contributes 2% of global man-made greenhouse gas emissions and
EasyJet is emphasizing on delivering sustainable aviation, allowing continued
growth while putting emissions on a downward trend. This means creating a
framework that drives airlines to use existing aircraft more efficiently but which also
ensures airframe and engine manufacturers bring forward the next generation
aircraft as soon as possible. EasyJet also plans to ensure that air travel
tax's are not blunt i.e. ineffective taxes on passengers such as APD in the
UK, but have emissions based taxes that are designed to encourage airlines
to minimize their impact on the environment.

This is how EasyJet plans to ensure growth by reducing the risk of environmental
factors.

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5.0 Comprehensive Risk Profile of the firm:

Figure: 2 Sales and operating profit margin of the company.

The airline industry faced major disruption in the last few years such as interruption
at European airspace due the eruption of the Eyjafjalla volcano, an unprecedented
level of snow and high levels of ATC (Air Traffic control) industrial action that
caused operational disruptions in 2009 back by economic downturns from 2008.
Even though there was a decline in figures in 2009, the figures improved
considerably in 2010. EasyJet experienced an increase in the sales turnover over
the last five years. It rose from 1341 pounds in 2005 to 2973 pounds in 2010 which
means there was constant growth in business inspite of difficult times. This was
possible because of EasyJet’s strong network, good route management, and growth

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in ancillary revenues. The operating profit increased by 76.6% in just one year from
44M in 2009 to 188M in 2010. This could be attributed to the strong network and
the rising consumer demand in 2010. The increase in profit margin was driven by a
unit fuel cost reduction equivalent to £122.7 million.
Beside this, EasyJet continued to deliver strong performance due to the high level
of professionalism and commitment on part of EasyJet’s staff.

6.0 Retained Earnings

Figure: 3 Retained Earnings

The above graph predicts that the retained earning has shown a positive trend over
the last five years. Even though the company’s performance was very poor in 2009,
the company was able to give out a higher value of share premium each year. Even
though the company has not declared any dividends yet, the retained earnings
were mainly used for buying additional aircrafts and to increase the number of
routes. A number of new locations were added to increase the load factor. This
enabled in increase of revenue and the retained earnings from excess revenue have
been used to further expansion.

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7.0 Key Risk Indicators

Key Risk indica

Degree of O peratin
Figure: 4 Key Risk Indicators

EasyJet works in the airline industry which is very risky and volatile. The airlines
industry has been worst performing industry in the history due to high operating

Degree of Financia
cost and less profit margins. The past decade posed maximum difficulty in terms of
9/11 attacks, the oil-price surge, and the 2008 recession. These changes forced the
industry to adopt and change course abruptly. The industry sailed through the
troubled times but the rising oil prices proved to be terrible. This affected EasyJet

Degree of T otal Le
because of its principal focus on the low pricing strategy. Apart from this EasyJet
faced a major setback in terms of post 9/11 security fee. The chart below, provided
by the Transportation Security Administration, shows that the TSA has collected
more than $13 billion in proceeds since the inception of the 9/11 fee through 2009,
and it is estimated that TSA will collect another $12 billion over the next six years.

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Figure: 5 TSA 9/11 Security Fee Collections

Apart from the above factors another major challenge faced by EasyJet was the
increase in fixed costs in 2008 and 2009 because of the acquisition of new aircrafts
(GB airways), pre-delivery deposits for future deliveries which led to a negative
operating leverage in 2008 and 2009. The sales dipped in 2009 due to recession
and lack of demand from the consumers. However, in 2010 the turnover increased
considerably due to the improvements in route mix with investment in higher
yielding European routes and some capacity re-alignment within the UK including
the of some ineffective bases. The continuous emphasis on encouraging year-on-
year performance on routes from the UK led to an increase in demand from both
beach and European cities.
The operating leverage increased in 2010 because of maximum utilization of fixed
assets. Ideally if operating leverage is high a company is considered risky but in
case of EasyJet the fixed costs are high (aircrafts) but asset utilization is also very

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high. EasyJet has been able to finance aircrafts at attractive rates. The company
reported pre-tax profit grew by £99.3 million to £154.0 million driven by a strong
revenue performance as total revenue grew by 11.5% to £2,973.1 million. The
company has been able to fund growth and maintain a regular formulaic return to
shareholders. Hence the company has decided to pay an annual dividend based on
a dividend cover of five times. The first dividend will be payable in 2012 in respect
of the year ending 30 September 2011.

8.0 Financing Ratio

F in a n c in g R a
Financial leverage refers to the ratio used to determine how easily a company can
pay interest on outstanding debt.

D e b t S e r v ic e o r
As per the above data, EasyJet has maintained a strong financial position. Even
during the tough financial year of 2009 the interest coverage was at 2.0. If we look
at the data for the past five years it clearly shows that the debt service was above
3.0 which proves that the company is at a good position to pay-off debts and would
not default.

G e a r in g R a t io (
D e b t R a t io
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Figure : 6 Debt Ratio and Gearing Ratio.

As shown in the graph above, the gearing ratio in the year 2009 has been highest
at 38% mainly due to the possession of new aircrafts with the additional funds
borrowed during the year. The other reason was the movement in the US dollar
exchange rate because of the global economic environment and the impact of
recession beside the volatile fuel price changes and reduction in aircraft utilization.

A high gearing (high leverage) often results in downturns in the business cycle
because the company must continue to service its debt regardless of a fall in sales
figure. The principal measure used by EasyJet to manage capital risk is the gearing
ratio of debt (defined as debt plus seven times aircraft operating lease payments
less cash, including money market deposits and restricted cash) to shareholders’
equity. Gearing ratio decreased in the year 2010 from 38% to 32%, principally due
to the strong operating cash flow wherein the net cash flow from operations
improved by £228.9 million to £363.4 million. The company is maintaining a
liquidity target of £4 million cash per aircraft, a leverage cap of £10 million adjusted
gross debt per aircraft and a 50% limit on net gearing.
As has been seen in the graph the debt ratio has fallen over the last 5 years with a
significant fall in 2010. The net debt in 2010 was £40.1 million compared with
£45.7 million in 2009. Strong operating cash flow and the increase in net assets
delivered a reduction in gearing of six percentage points to 32% at in 2010.
9.0 Current Ratio and Working Capital

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Figure: 7 Current ratio Figure: 8 Working Capital
As seen in the above graph, EasyJet current ratio has remained over 1 over the
past five years which goes to prove that the company is capable of paying off its
obligations. The current ratio give a sense of the efficiency of a company's
operating cycle or its ability to turn its product into cash.

The working capital for EasyJet showed a declining trend over the past five years
however there was an increase in 2010. Net working capital improved by £85.9
million to a net negative £589.8 million. As EasyJet’s passengers pay for their
flights at the time of booking which led to an unearned revenue of £356.5 million
which was an increase of £32.2 million during the year driven by
increased bookings and improvements in yield. A further benefit was
derived from renegotiating contract terms with key card acquirers,
contributing to a reduction in trade receivables of £81.9 million. This happened
since the company borrowed money to support expansion for buying aircrafts which
led to a significant increase in the liabilities. There was an increase in assets but the
proportion was lesser.

10.0 Inventories

EasyJet does not have any inventories.

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11.0 Asset Turnover Ratio

The asset turnover ratio has remained constant over the last two years at 0.7 which
indicates that the company was able to use their assets to generate high volumes
of revenue. In 2006 and 2008 the ratio was at 0.8 which means assets were used
to a higher extent during these two years.

12.0 Profit margin and DuPont ROA

Figure: 9 Profits -Margin and ROA

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Figure: 10 DuPont ROA

As has been discussed earlier, the previous metric (profit margin) clearly has an
effect on DuPont analysis.
Profit margin is a key determinant in understanding the position of the company in
comparing companies in similar industries such as BMI, Ryanair and BA. As evident
from the graph there has been sharp decline in the profit margin between 2007 and
2009. The biggest challenge in this regard was faced in the year 2009 where the
profit margin was at 1.02%. It was triggered by weak consumer confidence,
combined with fuel and currency volatility which resulted in an uncertain business
climate. However, if we see a year later there was a sharp rise in profit margin from
1.02% to 5.23%. This increase from £144.6 million to £188.3 million was primarily
driven by a unit fuel cost reduction equivalent to £122.7 million. The expansion
continued in 2010 across Europe and the company focused on its vision to ‘Turn
Europe Orange’ by adding new airports by the end of 2010. To achieve this target
EasyJet grew its seat by 6.0% improving the load factor of passengers.

The increase in profit margin was also due a considerable increase in the ROA
(Return on Assets) in 2010. As shown in the graph, the ROA was the best in 2007
at 5.83% but it kept on falling till 2009 since there could not be a proper utilization

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of airplanes due to various environmental factors, oil prices, decline in consumer
demand backed by recession. But the scenario changed in 2010, as demand for low
cost air-travel resumed, EasyJet actively managed schedule with continuous flights
and used the aircrafts (Assets) onto leisure route for effective utilization of
resources.

13.0 DuPont ROE

Figure: 11 DuPont ROE

The graph above predicts that the return on equity was at the highest in 2007
because of the airlines network development and optimization, ancillary revenue
growth and tough cost control. This resulted in a high return to the shareholders
even though there were significant challenges due to high fuel prices and the
unexpected doubling of Air Passenger Duty (“APD”) in the UK, but the company’s
business model based on low cost with care and convenience continued to prove
successful in continental Europe. Following this there was a gradual decline in ROE
for three consecutive years till 2009.In 2009 EasyJet’s strategy was to focus on
growth with margin improvement through yield, ancillaries and cost; however the
growth actually took place in 2010. This growth strategy strengthened the
fundamentals of the business, with improvements in network quality, lower cost
deals with key suppliers and enhancements to EasyJet.com giving EasyJet a great

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platform for profitable growth. To ensure a 15% return on equity the Board agreed
a fleet plan which will deliver around a 7.5% growth per annum in seats flown over
the next five years. This fleet plan will enable EasyJet to grow its share of the
European short-haul market from around 7% to 10%. Another reason for low ROE
was an increase in unit fuel cost equivalent to £86.1 million besides the lowering of
interest income by £30.5 million. It was also further reduced because of increased
sector length, planned lower aircraft utilization during the winter and a £30.5
million reduction in interest income. However, in 2010 the scenario changed and
the ROE shot up benefitting the shareholders by 13.6%, with underlying earnings
per share increasing 50.1% to 34.8 pence. The ROE increased in 2010, with a focus
on improving margins to achieve a profit per seat of £5. In order to ensure
business efficiency in 2010, 28 underperforming routes was closed in 2009 and 115
new routes were launched. EasyJet has continued to manage the performance of
its network by careful allocation of aircraft to various routes and optimization of its
flying schedule.The Company continued to develop Europe’s No.1 air transport
network by increasing presence at primary airports and continued to enhance the
route offering, timing and frequency of the schedule. This investment in the
network resulted in increased revenue yields and profitability despite the backdrop
of a recessionary economic environment across Europe. The underlying profit
before tax increased by £144.6 million to £188.3 million and was primarily driven
by a unit fuel cost reduction equivalent to £122.7 million. In order to ensure a good
return on equity EasyJet is now planning an introduction of a dividend policy by
2012 and for that EasyJet needs to achieve an average post tax ROCE of 12% in
2011.

14.0 Z-Score

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Figure: 12 Z-Score
The company has been able to achieve a significantly high Z score of 40.9 from
previous year’s score of 31.4 which means that the company has been performing
considerably well for the past two years and is far away from becoming financially
weak i.e. getting bankrupt.

15.0 Proforma Income Statement and Sources of Funds

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 Easyjet's Incom e Sta

Figure: 13 Performa Income statement and Statement of Sources and Uses of

funds.

Based on the data from 2010, a Performa Balance Sheet was prepared taking into
consideration a growth rate of 10% in sales revenue and a projected long term debt
of 1273 M. The projected figures are mentioned in the Performa to get an
understanding of the company’s position. The projected external capital required is
around 217 M which means that the company has to borrow additional resources to
fund the business for operational activities. The company is expected to grow at
4.12% with higher cash generations with new aircrafts acquisition and with addition
of newer routes due to easy access of financing of aircrafts at attractive rates. The
company is planning to fund growth and a regular formulaic return
to shareholders to payout annual dividend based on a dividend cover of five times.
Apart from this, there is a focus on On Time performance (OTP) which will result in
reduced cancellations. Emphasis is also being put on having resilience into our

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crew planning. These additional costs will be offset by reduced disruption and wet
leasing costs.
With the amount of cash flow EasyJet is generating, the company would be able to
fund its business functions with an internal growth rate of 4.12%.

The sustainable growth rate is around 8.6% which means that the company can
fund the business operations up to the proposed limit. This is possible with
improvements in network quality, lower cost deals with key suppliers and
enhancements to EasyJet.com, giving EasyJet a great platform for profitable growth
which the company is already focusing on. EasyJet is planning to achieve the cash
flow based on its strategic plans, fuel prices, exchange rates and long-term
economic growth rates.

16.0 Weighted Average cost of capital (WACC)

The WACC is the minimum return that a company must earn on an existing asset
base to satisfy its creditors, owners, and other providers of capital. EasyJet’s assets
are financed by 52% debt and 48% equity. WACC is the average of the cost of
equity (18.65%) and cost of debt (31.5%), each of which is weighted by its
respective use. EasyJet has a WACC of 21.05%, indicating that it has to earn a
return of 21.05% to pay the investors and debt holders. The WACC is dependent on
cost of equity and after tax cost of debt.
The estimated cost of equity for EasyJet using the CAPM model is 18.65%. Cost of
Equity is the return that stockholders require for a company and it represents
the compensation that the market demands in exchange for owning the asset and
bearing the risk of ownership. In case of EasyJet the average return on equity for
the past 5 years is 5.95%.
The difference is clearly around 12.7% (18.65-5.95) which indicates a shortage. So,
in order to fill the gap the company has to increase the profit margin further by a
higher percentage or reduce the debt. The company should also focus on increasing
the equity of the company so that the investors get a higher amount of return. For
this, we should consider the BETA value of the firm which represents the risk factor.

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BETA is an indicator of the volatility or systematic risk factor that a company is
exposed to as against the market as a whole. This value helps in estimating the
cost of equity and the evaluation of a stock’s reasonable price. In the airlines
industry, the capital assets and the airlines operation is sensitive to systematic
risks. This value gives a clear indication of the firms share price as against the
market as a whole. The Beta value for EasyJet is 1.17 which means the company
would offer the possibility of a higher rate of return, but would also pose a higher
risk for the return. Besides the Beta value, cost of debt also influences the WACC.
This cost is aligned to the charge that is incurred by a company for acquiring the
current debt. EasyJet’s cost of debt is around 31.5% which means that EasyJet has
to pay 31.5% on various borrowings undertaken by EasyJet to ensure a smooth
function of the business. The cost of debt forms a part of the capital structure of the
company. If the cost of debt is high it gives an impression to the investors that the
firm is very risky.

Note: The BETA VALUE for the past five could not be found in the company’s
annual report or any finance websites so could not do a comparative analysis of the
same.

17.0 Net Asset Value Model

The total value of a company's assets less the total value of its liabilities is its net
asset value (NAV). Using the NAV model, the market value of EasyJet is estimated
as 1501M, compared to the current market capitalization of 1424.95 (Discount of
-5.07%). NAV is normally useful for valuation of shares where the value of
company comes from the assets it holds rather than profit that is generated by the
business. But in case of the service industry, the main profit comes in the form of
the sales it makes by selling tickets. The market has valued the airline above its
book value, based not only on the increased market value of the fleet and other
assets, but also because of the expectations of higher earnings and market growth.

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Price to Earnings ratio is valuation ratio of a company's current share price
compared to its earnings per share. The EasyJet’s P/E ratio is 11.48, which is
moderately high value indicating that the company is highly rated by the stock
market. It means that investors are currently paying around 11.48 years worth of
earnings to own a share in EasyJet.

18.0 Rappaport Shareholder Value Model

Rappaport Value Model calculates the value of a company by looking at the returns
it gives to its shareholders. Future cash flows are affected by growth, returns and
risk, and these aspects can be explained by seven key value drivers that must be
managed in order to maximise shareholder value: sales growth rate; operating
profit margin; income tax rate; working capital investment; fixed capital
investment; cost of capital and value growth duration. Using the Rappaport value
model, the market value of EasyJet is estimated and there is no discount estimated
indicating that the market value of the company overvalued taking future growth
and expansion into consideration.

19.0 Dividends

Since its incorporation as the holding company for EasyJet in 1996, EasyJet Plc has
not declared or paid dividends on its Ordinary Shares. Although the company is
profitable it chose not to pay dividend given the stage of the life cycle and the
consequent growth it has to fund. Investors have been rewarded by the high stock
price appreciation over the last years. In addition, the management of EasyJet
stated it does not intend to pay out dividends in the foreseeable future as it intends
to fund a large scale capacity expansion program and purchase more of new Boeing
Aircrafts. However the Board intends to commence the payment of an annual
dividend based on a dividend cover of five times. The first dividend will be payable
in 2012 in respect of the year ending 30 September 2011.

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Note: Information on marginal investor, percentage of shares held by employees is
not available in the annual report. Neither can we get information on the
percentage of stock that is held by employees. I also could not get information on
insiders buying or selling stock in the country in recent years. As per the details in
the websites and annual reports, no conflict could be ascertained in the company.

The company does not pay any dividends at this time. But will pay in future i.e.
2012.

20.0 Future Financing Needs

At EasyJet, financial hedge is used to estimate a highly probable forecast
transaction wherein the related gains and losses remain in other comprehensive
income until the transaction takes place. When a hedged future transaction is no
longer expected to occur, any related gains and losses previously recognized in
other comprehensive income are immediately documented in the income
statement. Based on the cash flow forecasts and projections, the EasyJet’s Board is
satisfied that EasyJet will be able to operate within the level of its available facilities
and will have available cash for the foreseeable future. For this reason, EasyJet
takes precaution in preparing its accounts and the cash flow projections beyond the
forecast period that have been extrapolated using growth rate scenarios ranging
from zero up to an estimated average of long term economic growth rates for the
principal countries in which EasyJet operates.

21.0 Mergers and Acquisitions

EasyJet have had two acquisitions in the recent past. In 2003, EasyJet acquired GO
and GB Airways in 2007. These investments were much in the line of acquisition.
This was a vertical integration. The recession in 2008 had a negative effect on the
airlines industry and the extraordinary fuel price spike that depressed profits in
FY09 was not foreseen; nor was 2010’s volcanic ash affair; and it would surely be
overly Panglossian to assume that nothing comparable will go wrong in the years
ahead.

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Note: The details about the various undertaken could not be found on Annual
report and other financial websites.

22.0 Conclusion:
EasyJet’s simple low fare business strategy model offers major economies of scale
with high levels of revenue and increased returns on share prices which no other
low cost airlines has been able to implement. In the airline sector where profit is a
far cry for most airlines EasyJet has emerged as a leader in offering low fares with
minimum profit but high revenue which has proved to be successful and this
company has emerged as Europe’s largest and most successful airline company
with a promise high return on shares. Over the coming years, it is expected that
Easyjet will deliver a high level of cash flow and EPS, with growth driven by rising
demand for low cost tickets, declining unit costs, optimization of the route network
and increase in the passenger load factor

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 23.0 References:

1. EASYJET ANNUAL REPORT, 2010.Available From

http://2010annualreport.easyjet.com/files/pdf/Full_Report_easyJet_AR10.pdf

[Accessed 19 April 2011]

2. EASYJET ANNUAL REPORT, 2009.Available From

http://2009annualreport.easyjet.com/files/pdf/easyJet_AR09.pdf [Accessed 19

April 2011]

3. EASYJET ANNUAL REPORT, 2008.Available From

http://2008annualreport.easyjet.com/?id=23538 [Accessed 20 April 2011]

4. EASYJET ANNUAL REPORT, 2007. Available From

http://www.easyjet.com/common/img/annual_report_accounts_2007.pdf

[Accessed 15 April 2011]

5. EASYJET ANNUAL REPORT, 2006. Available From

http://www.easyjet.com/common/img/investor_pres_annual_report_2006.pdf

[Accessed 12 April 2011]

6. EASYJET ANNUAL REPORT, 2005. Available From

http://www.easyjet.com/common/img/annual_report_2005j.pdf [Accessed 10

April 2011]

24.0 BIBLIOGRAPHY:

1. MORRELL, S.P, 2007, Airline Finance, Ashgate; 3Rev Ed edition

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 2. BREALEY, A.R, MYERS, C.S., 2010, Principles of Corporate Finance - Global
Edition, 10th edition, McGraw-Hill Higher Education.

3. DAMODARAN, A, 2003, Corporate Finance: Theory and Practice, John Wiley &
Sons; 2nd Edition edition

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