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As a SHAREHOLDER, in which companies would you INVEST?. My Comments. Positive Excellent presentation Great evidence of research Good conclusion. Critical Perhaps too much writing on some slides. INDEX. Introduction Airlines Comparison Ryanair EasyJet Iberia SAS Group Conclusion.
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Great evidence of research
Perhaps too much writing on some slides.
The airline industry like, many other industries, has clearly been hard struck by the global financial crisis.
This presentation will show which of the airline companies on the European market, that we believe, has the best potential for future growth and sustainability and could keep its profitability or cover the essential costs.
The Airlines Comparison Table will help us to determine in which companies we are going to concentrate. We found it easier to chose the best companies because the not-selected ones had a lack of key information. As we will see there are some areas where these airlines are not completely clear and trustful to invest in.
EasyJet provides the relevant information
They also supply different reports: auditors, financial…
Most information is clear and shows a balance between CLARITY, readability and TRANSPARENCY.
EasyJet has a commitment to:
In EasyJet Auditor Independence Report it is available the Respective responsibilities of Directors and auditors, Scope of the audit of the accounts, Opinion on accounts, Opinion on other matters prescribed by the Companies Act 2006 and the Matters on which we are required to report by exception.
During the year the Board considers that it and the Company have complied with the best practice provisions of Section 1 of the Combined Code on Corporate Governance of the previous year without exception.
Historical information is available, from the 2005 to up to now, which makes it COMPARABLE.
There are quarter results, half yearly results, annual reports and accounts, share price information, monthly traffic statistics and facilities such as the financial calendar or an American Depositary Receipt*
* An American Depositary Receipt (ADR ) is a security which has been created to permit US investors to hold shares in non-US companies and trade them on the equity markets in the US.
Beyond the average...
- Everything from attendance at all 13 board meetings 2009 to passenger and baggage load factor % and weight publically posted and easily accessible.
Deloitte is one of the largest auditor firms and they have been auditors for SAS Group since 2003.
The strategy is clear and presented as
“Core SAS” with five clear and consistent steps to make the company (more) profitable.
SAS decision making tree, areas of responsibility and the company's legal structure all presented clearly on the corporate governance report downloadable at the website.
There are plentiful reports and analysis on risk, currency exposure, etc.
SAS Group shows an easily visible balance sheet, income statement and cash flow statement in the end of each of their annual reports (both Swedish and English version).
As a SHAREHOLDER we will INVEST in:
Because both airlines have:
* As we can see on the Airlines’ Comparison Table, Iberia and SAS Group are very similar in terms of the disposable information, BUT we consider that while Iberia has a wider market, SAS is concentrated in a more narrow one.
Anna Vilardell Rifà
Paula Muñoz Buxeda
Elizabeth Primo Arjunen