Prelim Results Part 3 of 4

easyJet PLC
26 November 2002

easyJet plc Preliminary results Part 3 of 4



Consolidated profit and loss account

for the year ended 30 September
                                               Notes                 2002                          2001
                                                        Continuing   Acquired in
                                                        operations          year       Total
                                                              £000          £000        £000       £000

Revenue                                        2          485,855        65,989      551,844    356,859
Cost of sales                                           (370,220)      (42,989)    (413,209)  (265,648)

Gross profit                                              115,635        23,000      138,635     91,211

Distribution and marketing expenses                      (34,075)       (6,559)     (40,634)   (31,692)
Administrative expenses (including exceptional           (24,784)       (3,645)     (28,429)   (21,396)
administrative expenses of £nil (2001:
£3,777,000))

Group operating profit

Operating profit before exceptional                        56,776        12,796       69,572     41,900
administrative expenses

Exceptional administrative expenses                             -             -            -    (3,777)


Group operating profit                                     56,776        12,796       69,572     38,123



Loss from interest in associated undertaking:
   - committed contribution to Deutsche BA                                           (1,359)          -



Total operating profit                                                                68,213     38,123

Amounts written off investments                7                                     (7,159)          -
Interest receivable                                                                   15,751     10,205
Interest payable                                                                     (5,228)    (8,195)

Profit on ordinary activities before taxation                                         71,577     40,133
Tax on profit on ordinary activities           3                                    (22,568)    (2,226)

Retained profit for the financial year                                                49,009     37,907


                                                                                       Pence        Pence
Earnings per share
Basic                                             4                                    14.61        13.47
Diluted                                           4                                    13.89        12.79
Basic, before goodwill amortisation               4                                    15.53        13.53
Diluted, before goodwill amortisation             4                                    14.78        12.84




All activities in 2001 related to continuing operations.


Consolidated balance sheet

as at 30 September
                                    Notes                                                              
                                                          2002                              2001
                                                    £000       £000                    £000       £000
Fixed assets
Intangible assets                    5                      349,685                              2,995
Tangible assets                      6                      185,098                            206,433
Investments                          7                        6,624                              7,159


                                                            541,407                            216,587
Current assets
Debtors                                           96,005                             47,106
Cash at bank and in hand                         427,894                            244,435


                                                 523,899                            291,541
Creditors: amounts falling due
   within one year                   8         (260,614)                          (113,428)


Net current assets                                          263,285                            178,113


Total assets less current                                   804,692                            394,700
liabilities

Creditors: amounts falling
   due after more than one year      9                     (48,600)                           (76,289)

Provisions for liabilities and      10                     (28,388)                            (1,920)
charges


Net assets                                                  727,704                            316,491


Capital and reserves
Called up share capital             11                       97,919                             65,108
Share premium account               11                      533,263                            196,638
Profit and loss account             11                       96,522                             54,745


Shareholders' funds - equity                                727,704                            316,491



Cash flow information

for the year ended 30 September



Reconciliation of operating profit to net cash flows from operating activities


                                                     2002                                  2001
                                                     £000                                  £000

Operating profit                                   69,572                                38,123
Goodwill amortisation                               3,091                                   168
Depreciation of tangible fixed assets              18,677                                18,457
Loss on sale of assets                                834                                   236
Cost of employee share gifts and bonus                  -                                   967
Increase in debtors                              (16,615)                               (6,146)
Increase in creditors and provisions                8,672                                31,571

Cash flow from operating activities                84,231                                83,376






Consolidated cash flow statement
                                                           2002                               2001
                                                           £000                               £000

Cash flow from operating activities                      84,231                             83,376
Committed contribution to associate                       (759)                                  -
Returns on investments and servicing of          12      10,703                              1,737
finance
Taxation                                                    489                                  -
Capital expenditure and financial                12     (3,392)                           (29,027)
investment
Acquisitions and disposals                       12   (267,233)                                  -

Cash inflow before management of
liquid resources and financing                        (175,961)                             56,086

Management of liquid resources                         (72,712)                           (15,000)
Financing                                        12     359,420                            174,261

Increase in cash in the year                            110,747                            215,347


Financing cash flow in 2002 includes £70.1 million (net of issuing costs) for an
Open Offer of new shares in October 2001, £23.8 million (net of issuing costs)
for the issue of new shares following a Placing in November 2001, and also
£271.9 million (net of issuing costs) for the issue of new shares in connection
with the purchase of the entire issued share capital of Newgo1 Limited in July
2002, the holding company of the business of Go Fly.  In 2001, financing cash
flow included £210.4 million (net of issuing costs) for the issue of new shares
following the company obtaining a Listing on the London Stock Exchange.  Total
cash inflow from the issue of shares during the year, net of issuing costs, was
£367.7 million (2001 - £212.2 million).



Reconciliation of net cash flow to movements in net funds


                                          Notes         2002                                  2001
                                                        £000                                  £000

Increase in cash in the year                         110,747                               215,347
Cash outflow from the decrease in debt        12       8,293                                37,893
Cash outflow for increase in liquid                   72,712                                15,000
resources

Change in net funds resulting from cash              191,752                               268,240
flows
Exchange difference on loans                           5,289                               (1,081)

Increase in net funds for the year                   197,041                               267,159
Net funds/(debt) at the start of the year            161,154                             (106,005)

Net funds at the end of the year                     358,195                               161,154




Net funds at the end of the year comprises:


                                                        2002                                  2001
                                                        £000                                  £000

Cash at bank and in hand                             427,894                               244,435
Bank loans                                          (69,699)                              (83,281)

                                                     358,195                               161,154







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