Started By Entrepreneur Stelios Haji Ioannou Commerce Essay
EasyJet is a British Low cost air hose company based in Luton London. It was started by enterpriser Stelios Haji-Ioannou in 1995. Get downing with two leased Boeing B737 now it has become the 2nd largest Low cost bearer ( LCC ) in Europe in footings of operations and largest LCC in footings of gross ( Peanut.aero 2011 ) . It operates in 509 paths 125 airdromes in 29 European, West-Asian and North-African states ( Airdb, 2011 ) . It is listed on the London Stock Exchange and a FTSE 250 component company ( FTSE, 2011 ) . At present it operates over 196 aeroplanes in 19 bases largely Airbus A319 and late it has added some Airbus A320 in its fleet ( Easyjet Annual study 2010 ) . In 2010 it carried 49 million riders among which 53 % was outside UK ( Easyjet Annual study 2010 ) . Harmonizing to its one-year study 2010 it has approximately 7300 employees. EasyJet ‘s vision is to ‘Turn Europe Orange ‘ .
1.1: Merchandises and Markets
EasyJet ‘s mark clients are concern and the leisure consumers who are non willing to cover with other mediators and are eager to salvage clip and money. Along with its Air bearer service through its aeroplanes it provides easy entree to engagement, programming of flights, adjustment and transit services. In every instance it pursues the scheme of cost leading.
1.1.1: Booking Service
EasyJet provides 100 % booking service real-time online through its website easyJet.com. ( easyJet, 2008 ) .
1.1.2: Cabin and onboard services
EasyJet provides a individual category cabin service with a high denseness layout. No complementary repast is provided in its flight instead riders can buy nutrients and other gift points from easyShop ( Easyshop 2008 ) .
1.1.3: EasyJet Hotels and Holidays Services
EasyJet provides adjustment booking services along with its regular flight services. Through its easyJet Holidays service it provides dynamically packaged travel and vacation Tourss in more than 100 finishs. ( easyJet Holidays, 2011 ) .EasyJet besides provides auto lease, airdrome sofas and parking services to its riders.
2.1: Rival Analysis
Figure: Strategic Group Analysis ( Source: British Air passages Strategic Plan, 2009 )
Mass Service Providers e.g.
BA, Virgin, Lufthansa, Air France KLM
Specialist e.g. PalmAir
Local e.g. BMI
Non-scheduled e.g. Thomson
No-frills: e.g. Ryan Air, Easy Jet, and Flybe
Low BREADTH OF SERVICE HIGH
Monetary value FOCUSED MIDDLE MARKET FOCUS ON SERVICE OFFERINGS
Low PRICE HIGH
The above figure illustrates that easyJet ‘s direct rivals are those who run likewise services and lie within the same strategic group. The competition is intense within this group as they are looking for similar schemes.
easyJet falls in the low-cost/low-added-value group. From the above figure we see easyJet ; Ryanair and Flybe are in the same strategic group. Competition among these three low cost bearers is really high. Though due to little size comparative to rest two Flybe has less part in the competition. easyJet and Ryanair are two archrival viing for pulling clients to their company.
It competes with traditional air hoses like Lufthansa, KLM-Air France, British Airways and Virgin Atlantic in short-haul market. It has taken a important market portion from traditional participants. At the terminal of 2010 its market portion became 7.6 % ( BBC 2010 ) .
easyJet besides faces competition from Charter flight operators who are well recognized and competitory in Europe.
2.2: PESTEL Analysis for easyJet
The undermentioned factors are likely to hold an influence on the air hose industry and should hence be taken into history when explicating a Strategic Plan for easyJet.
2.2.1: Political Factors
Political Turbulence in the Middle East. It flies to Egypt, Jordan and Israel. If farther political job occurs in these states its Middle East operation may be hampered.
Heavy ordinance ( ATWOnline, 2010 ) . European Airlines are confronting heavy ordinances from authoritiess in footings of revenue enhancements and safety measurings. easyJet has to follow ordinances.
UK Air Passenger Duty ( APD ) will be increased to ?16 from ?12. This increasing responsibility will cut down UK rider Numberss by three million a twelvemonth ( Dailymail, 2011 ) . In the first half of 2011 easyJet clients have already paid ?153 million APD and this payment will lift in future and adversely impact the grosss of EasyJet ( Half Year Result, 2011 ) .
Individual European Sky undertaking has created chance for easyJet to spread out its concern to a great extent in every European state.
Increased security due to attempted terrorist Attack in Detroit ( Transtec, 2010 ) . Increasing security steps is important for easyJet to heighten client assurance and competitory advantage.
2.2.2: Economic factors
Global GDP Growth: Global GDP growing will be 3.3 % this twelvemonth against 3.9 % in 2010 ( World Bank 2011 ) . Global reduced GDP growing may impact the gross of Premium air hoses. But there is chance of increasing gross of LCCs.
Oil monetary values are expected to lift in 2011 ( IATA, 2011 ) . On March 2, 2011 petroleum oil monetary value closed at $ 116 ( Flightglobal 2011 ) . This fuel monetary value addition will increase the cost construction of easyJet and cut down profitableness.
Financing and involvement rate hazard. As it is a capital intensive company so it finances a big part of its capital through debt. Interest rate fluctuation may ensue in operating loss for the company.
Consumer assurance fell aggressively in April ( Guardian 2011 ) . Decreasing consumer assurance across Europe can ache the grosss of easyJet in 2011.
2.2.3: Social Factors
The Increasing aging population in UK. In UK 23 per cent of the population is projected to be aged 65By 2034 ( Office for National Statistics 2010 ) . Aging population is an chance for easyJet as aging population like to pass more leisure and in abroad.
Increasing concern for security. The populace has become more concerned about air travel security. So the extra disbursal for making safety feeling in rider ‘s head may drive up the cost of easyJet.
Increasing Fleshiness. Harmonizing to Department of Health, that the Foresight study ( 2007 ) fleshiness is increasing in UK. This will be a menace for low cost airliners and easyJet because corpulent people need more seat-space and are heavier that will cut down the traveling of these people in low cost bearers as their seats are congested.
2.2.4: Technological factors
Widespread usage of cyberspace via computing machine or nomadic phones has led air hoses to supply services online. easyJet can foster lower its cost construction by utilizing cyberspace.
As cited in free60s ( 2011 ) , Pricegrabber.com has shown that 40 % of the clients spend their clip in monetary value comparing online. So easyJet must be cognizant of bear downing monetary value for its services.
IT security and fraud exposure. The Company operates as e-commerce concern and earns most of its gross through recognition cards. So any break in the IT system can take the company in a great trouble.
2.2.5: Environmental Factors
Volcanic Volcanic eruption in Europe and Bad conditions. Due to volcano eruption in Iceland easyJet has faced a loss of about ?30 million ( Annual Report 2010, p.9 ) . Further eruption can make more loss for easyJet.
Noise pollution and Air pollution controls. The New statute law ( e.g. Climate Change Bill ) for environmental protection can take easyJet to increase its operating disbursals for cut downing noise pollution and air pollution and its impact on the environment.
Consumer consciousness about environmental consequence. easyJet needs to be cognizant about countervailing its C footmark by diminishing pollution of land operations and donating to climate vulnerable people. In future it can utilize solar driven aircraft if it becomes lower dearly-won.
2.2.6: Legal Factors
EU consumer statute law ( EU 261/2004. Europium is looking for altering the statute law in 2012 to restrict the liability of air hoses for the events beyond their control has created optimism for easyJet to cut down its costs ( Half Year Results 2011 ) .
Unionization: As air hose concern is a labour intensive concern most of the employees of this industry are unionized. easyJet will hold to take any restructuring or enlargement plan by discoursing with labour brotherhood for avoiding industrial motion.
2.3: Porter ‘s Five Forces analysis
Porter ‘s five forces theoretical account analysis is utile for analysing the competitory construction of an Industry. Here I have analyzed five forces to measure the strategic options of easyJet.
2.3.1: Menace of new entrants: Low
There are important barriers to entry in the air hose industry. These barriers are
High capital demand and big startup costs.
High competitory environment.
The regulative demands in the air hose industry are really high.
There is an extra capacity in the industry. So if any company tries to come in in LCC industry, bing participants may diminish monetary values therefore offset the menace of new entry.
Significant Barriers to go out exists here which discourages new entrants.
The recent failure of Zoom, XL Airways, Silverjet, Eos, MAXjet, last hebdomad and Sterling may discourage the new entry in the air power industry ( thisismoney, 2008 ) .
Existing Premium Airlines may seek to come in in the LCC industry but Low cost air hoses have a really strong trade name association and low cost construction that deters premium air hoses to come in in this industry.
2.3.2: Bargaining Power of Suppliers: High
Reasons behind this are given below-
There are merely two commercial aircraft makers. So the bargaining power of aircraft providers is high.
The bargaining power of fuel providers is high. easyJet has no impact on the monetary value of the fuel supplied to them.
Landing slots are distributed in the Priority footing for bing operators.
Employees of easyJet deal jointly with the company that indicates high dickering power of employees.
2.3.3: Bargaining power of purchasers: Moderate
The grounds are given below-
Low concentration of purchasers. Buyers are widely distributed in different states that indicate purchasers have small bargaining power.
But client shift cost is really low in this industry that leads to higher dickering power.
easyJet and other LCCs charges really low menu. As a consequence clients have few options to exchange from it.
The low-cost packaged services of easyJet attracts more clients, therefore indicates low dickering power.
Increasing usage of cyberspace has augmented client consciousness and interaction so they can compare monetary values among companies and exchange one to another.
2.3.4: Menace of replacements: Low
The grounds are-
In the short distance the replacement for air service are rail and ferry service and coach services. Rail service e.g. Eurostar offers low menus than air hoses. But as a budget air hose, easyJet is less vulnerable to inveigh replacements. The ferry service is more clip devouring so it besides poses no menaces to easyJet.
In long distance there are no replacements of air hoses.
2.3.5: Competition among bing companies: High
This high competition consequences from the undermentioned grounds.
EasyJet has become the 2nd largest budget bearer in the Europe after Ryan Air. The competition among two companies is really high. Another budget bearer is Flybe. All budget bearers try to surpass one another by offering lower monetary values and better client services.
Every company tries to offer new travel bundles and provide extra onboard accessory services.
Besides competition among budget bearers they need to vie with premium long draw air hoses like British Airways, Lufthansa and Virgin Atlantic.
The Consolidation of rivals has led to increasing competition.
The deregulating of European air power market under European Single Sky programme may take to farther competition in the industry.
Expense % Gross
Operating net income
OP % Gross
Net income Margin
Degree of Working Capital
% of assets
Gross per Passenger
Entire Cost per Passenger
Gross per K
Cost per K
% of Gross saless
Gross analysis ( table above ) of the companies provided that gross of Easy Jet has a positive tendency over the old ages but others are confronting a lessening in gross following an addition. Easy jet continues its growing of 12.86 % from 2008 to 2009 and 11.49 % from 2009 to 2010. Whereas Ryan ‘s gross growing is much lower 0.48 % from 2008 to 2009 and -3.36 % from 2009 to 2010 and Flybe was besides experient growing of 6.82 % in 2009 and -0.33 % in 2010. Both the rivals of Easy jet faced with a negative growing in 2010 but Easy jet itself sustained its growing. This means Easy Jet is able to go on its growing in the market.
All the companies faced same tendency in the per centum of disbursal of sale with an addition in 2009. When we compare the net net income tendency of the companies we see that all the company bring forth lower income than other two old ages in 2009 though they have increased sale in 2009. This is due to the recession in 2009 which increase the cost, so companies earn a lower net income though they are able to bring forth gross higher than any other old ages.
Easy Jet had a higher disbursal ratio to gross revenues in 2008 ( 89.48 % ) but it was able to stamp down Ryan Air in 2009 91.56 % to Ryan ‘s 96.85 % and in 2010 it besides suppress Flybe with 87.85 % comparison to Flybe ‘s 88.90 % .
Now let ‘s take a expression at the profitableness of the companies, net income border of Easy jet is increasing while other two is confronting a decreasing rate, but Easy jet has a much lower net income border than Ryan ‘s. Among the companies Flybe has unusual high Return on Equity ( ROE ) 289.36 % in 2008 and 25.15 % and 35.45 % in the undermentioned old ages. Whereas the other two has much lower ROE and Easy jet has lower ROE ( 8.6 % in 2010 ) than Ryan ‘s ( 10.37 % ) though the ROE has a positive tendency ( increased from 6.80 % to 8.6 % from 2008 to 2010 ) .
In instance of Return on Assets ( ROA ) , in 2008 Easy jet had lowest ROA ( 2.68 % compared to 5.91 % of Ryan ‘s and 10.99 % of Flybe ) and bit by bit it outperformed Flybe in 2009 with ROA of 1.94 % compared to 1.26 % and in 2010 it able to acquire closer to ROA of Ryan ‘s ( 3.41 % ) though it is yet lower. Here one thing is worthwhile to advert that all the other companies ROA is diminishing but Easy jets ROA is increasing. Easy jet is besides failed to bring forth much return for its investing to be equal with its rivals return. In 2010 Easy jet had ROIC of 4.13 % while Ryan ‘s ROIC was 5.40 % and Flybe ‘s 4.63 % .
In instance of operating net income in 2008 Easy jet had the lowest operating net income to gross revenues ratio of 3.85 % compares to Ryan ‘s 19.79 % and Flybe ‘s 5.72 % . In the undermentioned twelvemonth Easy jet ‘s operating net income to gross revenues ratio was 2.25 % lower than its old twelvemonth which is caused due to increase in fuel monetary value and every bit good as consequence of recession but in that twelvemonth it was able to acquire higher ratio than Flybe ‘s. In 2010 operating net income to gross revenues ration of Easy jet increased to 5.84 % but is much lower than Ryan ‘s 13.46 % . In instance of EBT Easy jet has a higher EBT to gross revenues ratio compares to its operating net income to gross revenues ratio, which is besides does non face with the industry behaviour. But once more it has lower EBT to sale ratio both in 2008 and in 2010 comparisons to Ryan ‘s.
3.4: Cash Flow
In bring forthing hard currency flow from operation all the companies achieved a positive tendency with a crisp autumn in 2009 due to recession. The hard currency flow coevals capacity of Flybe is much lower than other two though it was able to increase its hard currency flow at much higher rate than its old twelvemonth, so exclude it from this analysis. The operating hard currency flow of Easy jet compares to Ryan ‘s is non so good. In 2010 Easy jet ‘s OCF was 363 million comparisons to Ryan ‘s 735 million which is about dual than EasyJet ‘s.
3.5: Outstanding Debt
Both Easy jet and Ryan is increasing their debt throughout the old ages while Flybe is diminishing their outstanding debt. This is because as net income of Flybe is decreased drastically in 2009 and 2010 so they have no purpose to increase debt. Ryan has high outstanding debt compares to Easy jet as it was the market leader and had many chances to capture but now Easy jet is coming in forepart.
3.6: Net Working Capital
In instance of pull offing net working capital Easy jet is deriving efficiency and able to diminish its cyberspace working capital demand from 16.33 % of entire assets to 11.25 % from 2008 to 2010 whereas Ryan ‘s cyberspace working capital demand is diminishing twelvemonth by twelvemonth. Flybe is most efficient in pull offing net working capital and its cyberspace working capital is really little per centum of entire assets though it is increasing.
3.7: Gross per Passenger
Flybe is the most successful in bring forthing gross from each rider and their gross per rider ( RPP ) is besides increasing, 76.55 lb in 2008 to 79.24 lb in 2010. Easy jet is besides able to increase its gross per rider twelvemonth to twelvemonth but it has much lower RPP than Flybe, 54.07 lb in 2008 and 60.92 lb in 2010. The most unsuccessful company in this instance is Ryan and their RPP is diminishing twelvemonth by twelvemonth and they have lowest RPP among the companies, 51.02 lb in 2008 and 37.92 lb in 2010.
3.8: Cost per Passenger
In instance of entire cost per rider ( CPP ) Ryan is most successful as it is able to cut down its CPP from 40.93 lb in 2008 to 34.49 lb in 2010. On the other manus Easy jet and Flybe ‘s CPP increased in 2009 48.38 lb and 64.28 lb to 54.02 lb and 71.36 lb severally. They besides able to cut down their cost in 2010 but the decrease is non much high. 53.52 lb in 2010 for Easy jet and 70.44 lb for Flybe.
Entire riders for all the companies are increasing twelvemonth to twelvemonth.
3.9: Gross per Kilometre
In bring forthing gross per kilometer ( RPK ) Easy jet enjoys a prima place among the companies and its RPK is basking a steady increasing tendency over the twelvemonth 4.24 pence to 4.72 pence. The RPK of Ryan air is worsening and they have much lower RPK than Easy jet 2.25 pence in 2010 comparisons to Easy jets 4.72 pence.
3.10: Cost per Kilometre
Easy jets cost per kilometer ( CPK ) is much higher than Ryan and its CPK is increasing twelvemonth by twelvemonth 4.02 pence to 4.43 pence. On the other manus Ryan ‘s CPK is diminishing over the twelvemonth 3.03 pence to 2.46 pence. Easy jet CPK in 2010 4.43 pence is much higher than Ryan ‘s 2.46.
Gross per Passenger
Entire Cost per Passenger
Long Term Debt
From the recommendation we are now seeking to imitate the state of affairs, if Easy jet goes for cut downing its cost base and besides seek to cut down its monetary value what will be the state of affairs. Here we could see that if it reduces its cost per rider in 2011 as it is in 2008, 48 lb per rider and gross somewhat higher than 2008, 55 lb per rider we could anticipate passenger growing of 11 % ( both due to cut down cost and enlargement in European states ) the company will than able to bring forth ROA of 8.9 % with ROE of 22.6 % and ROIC of 11.79 % which is much higher than its old return.
In 2012 if the company farther reduces the cost at 44 lb per rider by accomplishing economic sciences of graduated table as its figure of riders additions it can besides able to cut down its monetary value at gross per rider 50.6 lb per rider and the scenario will be ROA of 8.4 % with ROE of 20.40 % and ROIC of 10.84 % . Thus we can reason that Easy jet can travel for cost and Price decrease to accomplish more gross revenues to acquire higher return.
Restrictions of Models
5.1: Porter ‘s five forces theoretical account
This theoretical account presumes a authoritative perfect market. But no market is perfect.
For complex industries with multiple sections and interrelatednesss it is non applicable.
It does n’t see synergisms and coaction and strategic confederations among companies.
The possibility of making a new market is non considered here ( 12manage 2011 ) .
It is non able to see the quickly altering tendencies in the market. So PESTEL analysis is more suited than porter ‘s.
5.2: PESTEL Analysis
PESTEL analysis trades with analysing external factors. Sometimes it becomes difficult to calculate future tendencies with a tolerable grade of truth. So the house may utilize scenario analysis to cut down calculating hazard ( Williamson, 2003 ) .
5.3: Restrictions of Using Trend, Ratio, KPIs and Financial Modeling
Ratios are non unequivocal step they can non specify the public presentation of a company. Ratios are based on accounting informations which become outdated when the ratio is used in analysis. The first restriction of utilizing fiscal theoretical account is that it use ratio to pattern fiscal public presentation. It is about impossible to integrate the full relevant variable in a fiscal theoretical account and it is easy miss out an of import variable. KPIs can non be used to place the best or better company among the others because different companies make them efficient in different public presentation.
From our above treatment the company pursues cost leading scheme successfully. From PESTEL analysis we have found the most concerning factors for easyJet are-increasing Air Passenger Duty ( APD ) , oil monetary value hiking, falling consumer assurance, increasing fleshiness, natural catastrophes, IT security concern and industrial motion of workers. And the chances created by external factors are European Single Sky undertaking, increasing aging population and loosening EU consumer statute law. From the five forces analysis and strategic group analysis we see competition in the LCC industry is really high due to the competition among bing rivals and the high bargaining power of providers besides creates jobs for easyJet. The low exchanging cost of purchasers is a concern for easyJet. Easy jets fiscal public presentation during the last three old ages was quiet good compared to its rivals I have chosen. It is sing a steady growing in bring forthing gross and deriving market portion through increasing riders. The disbursal straight related to gross is all right compared to other rivals but its operating disbursal is much higher than other companies therefore it can non bring forth every bit much as operating net income as its rivals. It ‘s RPK and RPP is higher with consistence with high CPK and CPP therefore it means the company is write offing much and bear downing rider higher than Ryan. This may be put a hinder in increasing its concern from Ryan ‘s portion. The ROE, ROA and ROIC is besides lower than its rivals which means that the company has unused capital and assets and this is bing it much. Another manner this excess assets and capital indicates that it has the capacity to acquire more market portion without altering its capital construction much. The company is far beyond from the optimal degree of utilizing it resources.
For diminishing APD easyJet along with other air hoses should negociate with authorities.
It can set up some seats for corpulent people and take an fleshiness charge.
IT security should be increased by leting merely authorised individuals to its IT installations.
For assisting stranded clients in times of natural catastrophes and for cut downing IT hazard it should fix a strong Business Continuity Plan and Disaster Plan.
Extra resources should be arranged to absorb the chance of perforating in all European states.
It should continuously supervise rivals for Rapid response in expectancy of and to alterations.
Easy jet ‘s fiscal public presentation is acquiring better but the company should give attending to its operating cost construction to cut down cost as Ryan and acquire market portion or on the other manus it can travel for some kind of superior service with some premium charge as Flybe to derive market portion. As RyanAir is the largest rival of easyJet, so easyJet should cut down its operating costs to derive competitory advantage.
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