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1、IIAcriticalcomparisonofeasyJetandRyanairaspotentialinvestmentoptionsSmallGroupProjectModuleName:InternationalFinancialAccountingandReporting(ACC7701)LecturerandCoordinator:CiaranConnollySchool:Queen’sUniversityManagementSchoolQueen’sUniversityBelfastAuthors:Denton,S.,Ji
2、n,Y.,Suraganova,N.,Zhang,T.GroupNumber:7Developedbetween:18thOctober2013–20thNovember2013IIContentsContentsIListofabbreviationsII1Introduction12DescriptionoftheEnvironmentalContextandStrategies12.1ExternalProfile12.2InternalProfile33OverviewofFinancialStatementsandPerfo
3、rmances44Ratios55EvaluationoftheRatiosandPostPublicationEvents66Conclusion9Appendix11References15IIListofabbreviationsAF-KLMAirFrance–KoninklijkeLuchtvaartMaatschappijEPSEarningsperShareGBPGreatBritainPoundGBpGreatBritainPenceIAGInternationalAirlineGroupIFRSInternationa
4、lFinancialReportingStandardsLCCLowCostCarriersPPEProperty,PlantandEquipmentpptPercentagePointsROCEReturnonCapitalEmployedROEReturnonEquityWCWorkingCapital16References1IntroductionAfterdiscoveringthedemandforlowcostcarriers(LCC),theEuropeanmarkethasgrownintoaplaceofstron
5、gcompetitionbutalsoaplaceforskimminglucrativeprofits.Theaviationindustryisaworthwhilebutintimesriskyinvestmentarea,duetovolatilefactors.ThisanalysiscomparesRyanair(RYA)andeasyJet(EZJ),twoleadingEuropeanLCC.Ouranalysisattemptstodeterminewhomightposethebetterinvestmentopt
6、ion.Besidesratioanalysisthisevaluation,takesthecompanies’externalenvironmentandthecriticalsuccessfactorsintoaccount,therebyenablingabroaderunderstandingoftheindustry,beforeconcludingwithaninvestmentrecommendation.2DescriptionoftheEnvironmentalContextandStrategies2.1Exte
7、rnalProfileDuringthelast10years,LCChavegrownsignificantlyinEuropeincomparisonwithflagcarriers(CAPA,2013a).Chart1:(CAPA,2013a)LCCfacedmanydifficultiesintheEuropeanmarket.Heavycountryspecificregulationsaimedtoprotecttheirownnationalairlines,preventingLCCtogaingroundonthem
8、arket.Inspiteoftheliberalizationin1992,primaryairportsmaintaintheirpowertodemandhighchargesandgovernmentsconti
