easyJet Sept easyJet Sept

2020 % change 2019 LH Dec 2020 % change

€ € € %
Non-current assets 5,910 -2.22 6,044 29,444 -6.15
Indefinite intangibles 533 7.24 497 1,169 -16.20
Other intangibles 64 0.00 64 469 -14.26
Total intangibles 597 6.42 561 1,638 -15.65
Aircraft 4,963 -1.78 5,053 15,842 -13.66
Spare parts 1,823 -19.69
Other tangibles 90 -18.18 110 3,671 -9.16
Total tangibles 5,053 -2.13 5,163 21,336 -13.48
Equity investments 33 -31.25 48 655 -29.42
Loans 440 -6.18
Derivatives 89 -29.37 126 363 -59.93
Other financial 138 -4.17 144 5,012 103.00
Total financial 260 -18.75 320 6,470 35.58

Current assets 2,563 20.95 2,119 10,357 19.10

Inventories 12 -82.86 70 662 2.48
Receivables 193 -36.09 302 3,401 12.13
Derivatives 21 -85.71 147 484 92.06
Other 7 -70.83 24 244 4.72
Cash 2,330 47.84 1,576 5,380 21.20
Assets held for sale 186 100.00

Total assets 8,473 3.80 8,163 39,801 -0.67

LH Dec 2019
€
31,374
1,395
547
1,942
18,349
2,270
4,041
24,660
928
469
906
2,469
4,772

8,696
646
3,033
252
233
4,439
93

40,070
 easyJet Sept easyJet Sept
2020 % change 2019 LH Dec 2020 % change
€ € €
Equity 1,899 -36.38 2,985 1,387 -86.48
Share Capital 125 15.74 108 1,530 25.00
APIC 1,051 59.48 659 378 0.00
Retained Earnings 723 -67.40 2,218 -561 -106.57
Parent equity 1,899 -36.38 2,985 1,347 -86.73
NCI 40 -63.30

Non-current liabilities 2,748 9.48 2,510 23,438 42.77

Financial debt 2,230 32.50 1,683 12,338 45.63
Provisions 377 -15.09 444 10,089 41.12
Derivatives 85 18.06 72 457 257.03
Other nc liab 56 -81.99 311 554 -17.07

Current liabilities 3,826 43.40 2,668 14,659 -8.30

Payables 1,242 18.29 1,050 3,321 -37.94
Financial debt 1,211 452.97 219 3,116 90.70
Provisions 407 111.98 192 831 4.66
Derivatives 352 155.07 138 366 167.15
Other 614 -42.56 1,069 7,025 -6.71
Liabilities held for sale 0 -100.00

Total equity and liab 8,473 3.80 8,163 39,484 -7.44

LH Dec 2019
€
10,256
1,224
378
8,545
10,147
109

16,417
8,472
7,149
128
668

15,986
5,351
1,634
794
137
7,530
540

42,659
 easyJet Sept 2020 easyJet Sept 2019 LH Dec 2020 LH Dec 2019
% € % € % € % €
Non-current assets 69.8% 5,910 74.0% 6,044 74.0% 29,444 78.3% 31,374
Indefinite intangibles 6.3% 533 6.1% 497 2.9% 1,169 3.5% 1,395
Other intangibles 0.8% 64 0.8% 64 1.2% 469 1.4% 547
Total intangibles 7.0% 597 6.9% 561 4.1% 1,638 4.8% 1,942
Aircraft 58.6% 4,963 61.9% 5,053 39.8% 15,842 45.8% 18,349
Spare parts 4.6% 1,823 5.7% 2,270
Other tangibles 1.1% 90 1.3% 110 9.2% 3,671 10.1% 4,041
Total tangibles 59.6% 5,053 63.2% 5,163 53.6% 21,336 61.5% 24,660
Equity investments 33 48 1.6% 655 2.3% 928
Loans 1.1% 440 1.2% 469
Derivatives 89 126 0.9% 363 2.3% 906
Other financial 138 144 12.6% 5,012 6.2% 2,469
Total financial 3.1% 260 3.9% 320 16.3% 6,470 11.9% 4,772

Current assets 30.2% 2,563 26.0% 2,119 26.0% 10,357 21.7% 8,696
Inventories 0.1% 12 0.9% 70 1.7% 662 1.6% 646
Receivables 2.3% 193 3.7% 302 8.5% 3,401 7.6% 3,033
Derivatives 0.2% 21 1.8% 147 1.2% 484 0.6% 252
Other 0.1% 7 0.3% 24 0.6% 244 0.6% 233
Cash 27.5% 2,330 19.3% 1,576 13.5% 5,380 11.1% 4,439
Assets held for sale 0.5% 186 0.2% 93

Total assets 100.0% 8,473 100.0% 8,163 100.0% 39,801 100.0% 40,070
 LH Dec 2010 LH Dec 2009 Emirates March 2011 Emirates March 2010
% € % € % AED m % AED m
64.7% 18,963 67.1% 17,696 66.4% 43,223 66.4% 36,870
2.1% 605 2.3% 599 0.9% 557 1.0% 557
4.5% 1,306 4.7% 1,240 0.5% 344 0.7% 370
6.5% 1,911 7.0% 1,839 1.4% 901 1.7% 927
38.0% 11,153 39.6% 10,444 32.3% 21,028 32.7% 18,143
3.0% 877 3.1% 810 3.8% 2,467 4.3% 2,394
7.2% 2,120 8.2% 2,157 25.1% 16,353 23.8% 13,216
48.3% 14,150 50.8% 13,411 61.2% 39,848 60.8% 33,753
6.0% 1,763 5.9% 1,550 0.6% 386 0.8% 461
2.1% 620 1.9% 506 2.6% 1,704 2.6% 1,432
1.2% 350 1.0% 255 0.0% 0 0.1% 64
0.6% 169 0.5% 135 0.6% 384 0.4% 233
9.9% 2,902 9.3% 2,446 3.8% 2,474 3.9% 2,190

35.3% 10,357 32.9% 8,696 33.6% 21,867 33.6% 18,677

2.3% 662 2.4% 646 2.0% 1,290 2.0% 1,084
11.6% 3,401 11.5% 3,033 10.0% 6,481 12.6% 7,008
1.7% 484 1.0% 252 0.2% 123 0.1% 74
0.8% 244 0.9% 233
18.3% 5,380 16.8% 4,439 21.5% 13,973 18.9% 10,511
0.6% 186 0.4% 93

100.0% 29,320 100.0% 26,392 100.0% 65,090 100.0% 55,547

 easyJet Sept 2020 easyJet Sept 2019 LH Dec 2020 LH Dec 2019
% € % € % € % €
Equity 22.4% 1,899 36.6% 2,985 3.5% 1,387 24.0% 10,256
Share Capital 1.5% 125 1.3% 108 3.9% 1,530 2.9% 1,224
APIC 12.4% 1,051 8.1% 659 1.0% 378 0.9% 378
Retained Earnings 8.5% 723 27.2% 2,218 -1.4% -561 20.0% 8,545
Parent equity 22.4% 1,899 36.6% 2,985 3.4% 1,347 23.8% 10,147
NCI 0.0% 0 0.0% 0 0.1% 40 0.3% 109

Non-current liabilities 32.4% 2,748 30.7% 2,510 59.4% 23,438 38.5% 16,417
Financial debt 26.3% 2,230 20.6% 1,683 31.2% 12,338 19.9% 8,472
Provisions 4.4% 377 5.4% 444 25.6% 10,089 16.8% 7,149
Derivatives 1.0% 85 0.9% 72 1.2% 457 0.3% 128
Other nc liab 0.7% 56 3.8% 311 1.4% 554 1.6% 668

Current liabilities 45.2% 3,826 32.7% 2,668 37.1% 14,659 37.5% 15,986
Payables 14.7% 1,242 12.9% 1,050 8.4% 3,321 12.5% 5,351
Financial debt 14.3% 1,211 2.7% 219 7.9% 3,116 3.8% 1,634
Provisions 4.8% 407 2.4% 192 2.1% 831 1.9% 794
Derivatives 4.2% 352 1.7% 138 0.9% 366 0.3% 137
Other 7.2% 614 13.1% 1,069 17.8% 7,025 17.7% 7,530
Liabilities held for sale 1.3% 540

Total equity and liab 100.0% 8,473 100.0% 8,163 100.0% 39,484 100.0% 42,659
 LH Dec 2010 LH Dec 2009 Emirates March 2011 Emirates March 2010
% € % € % AED m % AED m
28.4% 8,340 23.5% 6,202 32.1% 20,902 31.5% 17,475
4.0% 1,172 4.4% 1,172 1.2% 801 1.4% 801
4.7% 1,366 5.2% 1,366 0.0% 0 0.0% 0
19.5% 5,704 13.5% 3,556 30.6% 19,894 29.7% 16,473
28.1% 8,242 23.1% 6,094 31.8% 20,695 31.1% 17,274
0.3% 98 0.4% 108 0.3% 207 0.4% 201

38.0% 11,154 43.2% 11,414 36.4% 23,690 35.2% 19,552

21.2% 6,227 23.1% 6,109 31.5% 20,502 30.2% 16,753
11.0% 3,214 12.6% 3,330 0.6% 390 0.7% 364
0.4% 111 0.9% 225 1.0% 642 0.8% 467
5.5% 1,602 6.6% 1,750 3.3% 2,156 3.5% 1,968

33.5% 9,826 33.3% 8,776 31.5% 20,498 33.3% 18,520

14.3% 4,193 14.4% 3,796 27.0% 17,551 27.9% 15,475
3.3% 957 2.6% 693 4.2% 2,728 5.1% 2,852
3.0% 881 4.3% 1,122
0.4% 103 0.4% 106 0.1% 61 0.0% 12
12.6% 3,692 11.6% 3,059 158 181

100.0% 29,320 100.0% 26,392 100.0% 65,090 100.0% 55,547

 Lufthansa Lufthansa Lufthansa Lufthansa
Dec 2020 Dec 2019 Dec 2013 Dec 2012
Mill. € Mill. € Mill. € Mill. €

Working Capital
Equity 1,387 10,256 6,108 4,839
Plus NC Liabilities 23,438 16,417 12,029 13,978
Equal LT Finance 24,825 26,673 18,137 18,817

Minus NC Assets 29,444 31,374 19,421 18,782

Equal WC -4,619 -4,701 -1,284 35

WC Need
Current Assets 10,040 11,285 9,663 9,777
Minus Cash 5,460 3,385 4,696 4,966
Minus Current Liab. 14,659 15,986 10,947 9,742
Equal WCN -10,079 -8,086 -5,980 -4,931

Cash=WC-WCN 5,460 3,385 4,696 4,966

Current ratio CA/CL 0.68 0.71 0.88 1.00

Air France Air France Air France Air France
Dec 2020 Dec 2019 Dec 2014 Dec 2013
Mill. € Mill. € Mill. € Mill. €

-5,418 2,299 -632 2,293

23,851 15,787 12,035 12,273
18,433 18,086 11,403 14,566

20,316 22,196 16,054 17,484

-1,883 -4,110 -4,651 -2,918

9,895 8,539 7,176 7,937

7,030 4,515 3,946 4,715
11,778 12,649 11,827 10,855
-8,913 -8,625 -8,597 -7,633

7,030 4,515 3,946 4,715

0.84 0.68 0.61 0.73