International Financial Accounting and Reporting—easyJet and Ryanair Analysis
A critical comparison of easyJet and Ryanairas potential investment options
Small Group Project
Module Name: International Financial Accounting and Reporting (ACC 7701) Lecturer and Coordinator: Ciaran Connolly
School: Queen’s University Management School
Queen’s University Belfast
Authors: Denton, S., Jin, Y.,Suraganova, N., Zhang, T.
Group Number: 7
Developed between: 18th October 2013 – 20th November 2013
Contents
Contents ....................................................................................................................... I List of abbreviations .................................................................................................. I I 1Introduction . (1)
2Description of the Environmental Context and Strategies (1)
2.1External Profile (1)
2.2Internal Profile (3)
3Overview of Financial Statements and Performances (4)
4Ratios (5)
5Evaluation of the Ratios and Post Publication Events (6)
6Conclusion (9)
Appendix (11)
References (15)
List of abbreviations
AF-KLM Air France –KoninklijkeLuchtvaartMaatschappij EPS Earnings per Share
GBP Great Britain Pound
GBp Great Britain Pence
IAG International Airline Group
IFRS International Financial Reporting Standards LCC Low Cost Carriers
PPE Property, Plant and Equipment
ppt PercentagePoints
ROCE Return on Capital Employed
ROE Return on Equity
WC Working Capital
1Introduction
After discovering the demand for low cost carriers (LCC), the European market has grown into a place of strong competition but also a place for skimming lucrative profits. The aviation industry is aworthwhile but in times risky investment area, due to volatile factors. This analysis com-paresRyanair (RYA) andeasyJet (EZJ),two leading European LCC. Our analysis attempts to de-termine who might pose the better investment option. Besides ratio analysis this evaluation, takes the companies’ external environment and the critical success factors into account, thereby ena-bling a broader understanding of the industry,before concluding with an investment recommen-dation.
2Description of the Environmental Context and Strategies
2.1External Profile
During the last 10 years, LCC have grown significantly in Europe in comparison with flag carri-ers (CAPA, 2013a).
Chart 1: (CAPA, 2013a)
LCC faced many difficulties in the European market. Heavycountry specific regulations aimed to protect their own national airlines, preventing LCC to gain ground on the market. In spiteof the-liberalization in 1992, primary airports maintain their power to demand high charges and gov-ernments continue charging substantial travel tax (Sull,1999, p.21). Additionally, aviation fuel-forms an impediment due to sustainedhigh price (Roland Berger, 2013). Thus the high and vola-tile fuel price is the most important component of operating costswith airport handling charges
being second while substantial plant and equipment and high cash is expected. Next to fuel pric-es, foreign exchange rate changes and seasonal earnings comprise the main risks.
EasyJet was established in 1995 by Sir SteliosHaji-Ioannou, who is the major shareholder with26.1%. The company started with one aircraft flying from London to Glasgow and Edin-burgh and nowadays has over 200 aircraft. Ryanair was founded in 1985 by the Ryan family. The company started with daily flights from Waterford (Ireland) to London Gatwick. Today, Ryanairoperates 1,600 routes across Europe.
The main competitors among LLC are Ryanair, IAG, Lufthansa, AF-KLM and easyJet. If ben-chmarkedby network size, easyJet has the leading position with 49 of the top 100 market pairs in Europe, whereof46 are primary airports. Ryanairoperates in 38 airports including 24 primaries.
Chart 2: (easyJet, 2012, p.2)
However, regarding the quantity of passengers Ryanair takes the first position with 12% leaving easyjetinsecondplace with a share of 9% (CAPA, 2013b).
Changes in the European aviation industryare leading to a gradual displacement of traditional airlines by LCC. Analysts expect that LCC will expand their market share from 40% to 60% until 2020(Gnirke, 2013). Moreover, some primary airports are starting to offer attractive deals to LLC. For example, Ryanair operates in some primary airports (Madrid, Barcelona, Manches-ter, Edinburgh) on commercially attractive terms. Legislative changes are being debated in the EU regarding ground-handling frameworks on congested airports, which might increase future
competition and constitute opportunities for the LCC. Hence LLC are becoming powerful play-ers.
2.2Internal Profile
Several LCC have based their business model on the American pioneer ‘Southwest Airlines’ by focusing on point-to-point short-haul travelwith no frills and a high aircraft utilisation (Sull, 1999, p.22).
These fundamental characteristics are to be found in easyJ et’s and Ryanair’s strategy, which makes them stand out from the legacy carriers and makes cost efficiencytheir core strategic ad-vantages. Additional high seat density and load factors as well as a young fleetmake low unit costs possible. Ryanair outperformseasyJet’s unit costs through flexible work force size, avoiding primary airports to avoid high airport charges and accelerating turnover times(CAPA, 2013b).easyJ et’s focus goes beyond the cost cutting ambitions of Ryanair by introducing addi-tional services,focusing on primary airports with geographical advantages for the passenger and establishing a business class(CAPA, 2013c). Maximised revenues are ensured by adjusting fares to demand levels and not strictly charging the lowest (easyJet, 2012, p.14), while Ryanair pro-cures further revenues through its ancillary.
Some LCC gradually make changes like addingfrills, and a business class, to skim the revenues attached to business travellers (Gnirke, 2013). Furthermore the competition pressures airlines into expanding in more expensive countries such as Switzerland (Gnirke, 2013). This might be counterproductive because it affects the simplicity of the standardised LCC’ business conceptby gaining complexity and consequently becoming more expensive to manage. Similarly,Ryanair’s order of 175 Boeings will lead to further complexity (Ryanair, 2013a, p.4), even though it bene-fits from economies of scale by keeping a single aircraft fleet, which has made easyJet specialise on Airbuses.
Thus the critical success factors in the low cost aviation industry can be summarised with having an extensive short-haul network with strong market pairs, a flexible and efficient business struc-ture enabling low unit costs and a robust capital structure.
3Overview of Financial Statements and Performances
easyJet and Ryanairare main competitors in the LCC industry. Ryanair’s size advantage is pr e-sented in most of the figures shown below.
Chart 3: (The European Low Fares Airline Association, 2012)
easyJet and Ryanair are reporting a continuous growth throughout the years. The revenue of Ry-anair and easyJet increased by 14.3% and 11.7% respectively in comparison with the prior fiscal year. Regarding profit after tax easyJet states a 13.3% increase whereas Ryanair records an in-crease of14.3%. Starting from 2011 easyJet committed to annual ordinary dividend payments while Ryanairfocuses on share buybacks. See the appendix for the accounts (easy-Jet: Table 2 & 3;Ryanair: Table 4&5).
Both companies report according to IFRS and chose the historical cost basis. Nevertheless there are significant differences in the accounting policy particularly in the presentation. Apart fromthe functional/presentation currency and reporting period, easyJet also differs by including unearned revenue in trade and other payables, while Ryanair includes them in accrued expenses and other liabilities. Furthermore easyJet additionally includes prepayments and recoverable supplement rent into trade receivables while Ryanair present these under a separate header called other assets. Finally there has been a change in estimates relating to the timing of revenue recognition of un-used passenger tickets resulting in a one-off release of 63.5€ million in revenue and consequently an increase of 57.8€ million in profit after tax. The presentation currencies are pound sterlingfor easyJet and the euro for Ryanair. The reporting date of easyJet is 30th of September and Ry-anair’s is 31st of March. Consequently the grouping of receivables and payables has been ad-justed and the one-off release has been countermanded.
4Ratios
To compare the performance of both companies a financial ratio analysis has been applied. Due to the high competition and therefore excessive cost cutting pressure and the need for substantial capital, efficiency and liquidity ratios are evaluated. In order to be able to give an investment recommendation the evaluation additionally comprises performance and investment yield ratios.
Table 1:Selected financial ratios for easyJet and Ryanair
easyJet Ryanair
2012 2011 2010 2009 Dif % 2012 2011 2010 2009 Dif %
Financial Measures Profitability
Net profit margin (%) 8.59 7.79 5.85 2.25 10.21 14.7
14.3
2 13.44
13.4
5 2.67
Liquidity
Quick ratio (times) 1.05 1.48 1.42 1.40 -28.90 1.97 2.13 1.89 1.97 -7.77
Receivables turnover (days) 11.36 8.56 9.05 21.2
8 32.70 4.19 4.39 5.13 5.37 -4.60
Payables turnover /days) 12.78 11.6
5
11.7
7
15.2
8 9.68
13.8
4
20.5
3 20.35
25.4
8
-
32.58
Efficiency
ROCE (%) 12.62 9.44 6.73 2.60 33.75 11.0
5 9.23 7.63 7.08 19.66
ROE (%) 14.58 14.0
4 8.06 5.06 3.84
17.4
15.6
5 12.88
10.9
9 11.21
WC turnover (times) 61.17 6.15 6.61 6.33 894.1
8 2.64 2.10 2.21 1.97 25.56
Non-current asset turnover
(times) 1.30 1.26 1.19 1.22 2.73 0.99 0.87 0.73 0.68 13.27 Investment
EPS (GBp) 62.50 52.4
5
28.3
7
16.8
3 19.17
33.1
6
28.8
3 22.24
19.0
9 15.03
PE (times) 9.28 7.15 14.2
4
24.6
0 29.79
15.1
3
12.9
5 13.35
17.1
6 16.87
Dividend yield (%) 3.71 2.80 0.00 0.00 32.39 5.71 0.00 0.00 0.00 Dividend cover (times) 2.91 4.89 -40.57 1.16
Interest cover (times) 13.24 8.97 6.44 2.14 47.66 7.25 5.74 5.19 5.58 26.44
Payout ratio (%) 34.40 87.1
1 0.00 0.00 -60.51
86.4
7 0.00
133.3
3 0.00
Gearing (%) 28.80 35.5
1
35.9
35.5
2 -18.90
42.0
3
43.1
0 44.26
41.8
5 -2.47
Payout ratio over 4 years (%) 42.22 67.7
7
Relative Average Growth over 4 years
Revenue (%) 14.84 13.7
2
Profit before tax (%) 158.7
9
26.9
7
Assets (%) 16.19 2.59
Net profit margin (%) 67.84 3.03
5Evaluation of the Ratios and Post Publication Events
Both companies show a healthy revenue growth in recent years. Despite typical increases in fuel and airport handling costs, they were able to decrease costs as a percentage of revenue, but Ry-anair’s operating cost management is more effective because of a better use of economies of scale due to its larger size. Ryanair’s revenue increased chiefly through higher passenger nu m-bers, 6% fare increaseplus 20.1% increase in ancillary services.Resulting in a nearly constant increase of net profit margin, in which Ryanair’s 14.7% outperforms easy Jet’s 8.6% due to addi-tional￡265 million in revenue but similar operating costs.Ryanair’s average cost per seat is ￡36.93 while easyJet spent ￡53.67 t he main reason being Ryanair’s usage of non-primary air-ports.Nevertheless,easyJet earned higher revenue per available seat ￡58.48, while Ryanair earned￡42.61, and easyJethas a higher average growth over four years.Regarding customer ser-vices, the average numbers of passengers per one staff are 6,915 and 8,674 for easyJet and Rya-nair respectively.Ryanair sacrifices customer satisfaction for lower costs while easyJet, by offer-ing better service, puts up with higher fares.
Both companies show an ability to cover its current liabilities with its current assets byrecording a quick ratio higherthan 1 (easyJet: 1.05; Ryanair: 1.97). ThusRyanair showsa more stable cur-rent asset base whereas easyJet is in line with its policy of holding ￡4 million cash per aircraft (easyJet, 2012, p.16).Ryanair’s cash decreased by 53.6% and is 12.3ppt higher than easyJet’s. The decrease is owing to similar reasons as easyJet’s: capital expenditure, profit paybacks to investors but mostly due to a substantial short-term cash deposit of ￡1,290.5 million.The ex-pected short trade receivables turnover (easyJet: 11.4 days; Ryanair: 4.2 days) is due to credit card payments. 12.8 days and 13.8 days for easyJet’s and Ryanair’strade payables turnover ac-cord with the aim of cost reduction by profiting from early payment discounts while enabling Ryanairto invest in short-term investments for the gap between cash collection and repayment date.
Efficiency in both companies has improved.It isclear that easyJet’sreduction in excess liquidity through dividends, substantial repayments of long-term loans and reinvestments in aircraft, boosted efficiency resulting in a Return on Capital Employed (ROCE) of 12.6% increased by 33.7% and outperforming Ryanair by 1.6ppt. The Ryanair’s stronger Return on Equity (ROE)with 17.4% (easyJet: 14.6%) is inaccordance with the gearing ratio (Ryanair: 0.42; easy-Jet: 0.29) and emphasises the higher level of Ryanair’s leverage. The steep rise in easyJet’s wor k-ing capital (WC) turnover of 894.2% to 61.2 times, stresses the efficiency gained from the cash reduction. The 2.7% increase in easyJet’s no n-current asset turnover of 1.3 times indicates that the investment of ￡246 million into fleet extensions has contributed to further revenue. By fol-lowing the policy of investing at an amount to offset depreciation and thereby keeping the Prop-erty Plant and Equipment (PPE) reasonably steady,Ryanair’s non-current asset turnover is cur-rently0.99 times and increased by 13.3%.easyJet’s load factor of 88.7% (Ryanair: 82%) is an-other sign, that the asset base is worked harder at easyJet while Ryanair’s is steeply improving.
Four year growth rates confirm that Ryanair’s revenue exceeds easyJet’s. As to growth in profits before tax, and net profit margin and assetseasyJet excels Ryanair (see Chart 4-7),provinga strong growth while maintaining the ability of financing aircraft and dividend payment chiefly through operating cash flows, thus being consistent with their ambition of self-funded growth (easyJet, 2012, p.23). Ryanair finances the fleet extension via external capital and pays dividends through increases in operating cash flow. Summarizing the findings so far, it can be concluded, that easyJet is outperforming Ryanair on real growth.
Chart 4
Chart 5
Chart 6
Chart 7
Evaluation of the profitability of an investment demands an analysis about payback policy and market’s assessment of the share. easyJet has started paying regular ordinary dividendsafter 2011 with an additional special dividend. Ryanairfocuses onsubstantial share buybacks next to occa-sional special and ordinary dividends (Ryanair, 2013a, p.118). This is an important difference:
ordinary dividends convey the signal of a consistent payback of profits due to substantial nega-tive effects of a dividend reduction while neither special dividends nor repurchases have a sus-tainable character (Brav et al., 2005). Thus easyJet seems to be more committed to dependable paybacks. Nevertheless Ryanair’s payouts(68% of profits after tax) exceed easyJet’s (42% of profits after tax; including the unpaid dividend for the fiscal year 2012) clearly. Earnings per share (EPS) have risen markedly by 19.2%, though lower compared to last years increasedue to a lower increase in profits after taxpartially offset by the share consolidation in 2012,leading to￡0.625 per share, clearly surpassing Ryanair’s￡0.332 per share (increase of 15%).easyJet’s fis-cal year end share market price stated￡0.580 and in combination with a high EPS caused a Price per earnings ratio (PE) of 9.3 whereas Ryanair records 15.13signaling, that investors had more confidence in the growth of Ryanair. Stable dividend paymentsare assumed due to a steadilyin-creasing interest cover of 13.24 for easyJet(Ryanair: 7.25), accentuating the difference in lever-age. easyJet’s announced dividend increase up to ￡0.215 per share has decreased the cover to 2.9 times, but signalling an increased expected cash flow that can meet future payments (Copeland et al., 2005, p.656-660).
Ryanair intends to invest in 175 Boeings at $14.2 billion, which means a 57.4% fleet increase. easyJet work towards growth by ordering 135 Airbuses thereby expanding by 63.1% while spending ￡7 billion (easyJet, 2013 p.4, Lundgren, 2013). Having repurchased ordinary dividends of 24.1 million at ￡176.6 million, Ryanairannouncedthat a further ￡1 billionshall be returnedby 2015. This isan ambitious aim considering that Ryanairissued a profit warning in September 2013 reducing its forcastby 13.3% (Ryanair, 2013b p.12). easyJetin turn has increased their profit forcast to ￡480 million because of 5% passenger increase (easyJet, 2013, p.1). This led to a steep increase in the market value presently at ￡12.33 (PE: 21.68) while Ryanair stands at ￡4.76 (PE: 12.54) pointing out that the market’s confidence has taken a turn towards easyJet (Chester, 2013). Potentially owing to the business model being more immune towardsissues in the industry as has been argued by Barclays analysts in Chester 2013 and affirmed by Ryanair’s declaration to copy customer services from its rival whiledecreasing fares (Reuters, 2013). If Ryanairis suc-cessful in achievingits goals, whilst maintaining the cost advantage, it will dramatically increase the pressure on easyJet.
6Conclusion
The main difference stressed throughout the above evaluation of Ryanairand easyJet is, that easyJet records real growth by self-funding most acquisitions and payouts while additionally outperforming Ryanair’s growth through a highly efficient as set usage. Even though Ryanairsuc-cessfully reports very low unit costs by means of highly effective economies of scale, easyJet however is growing fast and catching up with Ryanair. Thus it could soon profit from similar scale economies. Especially for easyJet the current possible legislative changes regarding ground-handling frameworks on congested airports could prove a substantial advantage over Ryanair. Having focused on primary airports a reduction in airport charges would lead to signifi-cant fixed cost reductions. easyJet managed to increase revenue through higher seat revenue –their primary operation – w hile Ryanair’s growth is mainly explained by the significant increase in ancillary revenue which can only be earned through already secured customers. Hence easy-Jet’s growth in seat revenue shows a good potential of skimming future ancillary revenue.
The rivals both enroll in an aggressive attempt for growth by purchasing high amounts of aircraft, indicating a belief of large growth potential. Howeve r Ryanair’s ambitious goals of returning one billion pounds to investors, while reducing fares, expanding service features as well as buying 175 aircraft might be hard to achieve. Even though Ryanair’s gearing ratio isn’t alarmingly high, it is questionable how the aircraft purchase and the payback scheme can be financed while main-taining a secure enoughcapital structure for the volatile industry. Furthermore Ryanair’s service enhancement will cause higher costs and threaten Ryanair’s low unit costs immedia tely while the resulting long-term reputational benefits won’t occur instantly.
By choosing to pay dividends easyJet shows a more dependable commitment to return the profits to the investors than Ryanair. By doubling its ordinary dividend per share it has clearly signaled a sustainable increase in cash flows able to cover the rise in dividends in the future. This com-bined with the real and high growth creates a picture of a stable and securely financed company. Therefore, easyJet can be considered as being a less risky and sustainable investment option.
Appendix
Table 1:EasyJet’s Consolidated income statement(in GBP ‘000) and other information Consolidated income statement
from 2011 to 2012
2012 2011 2010 2009 Dif % Abs Seat revenue 3,794 3,389 2,402 2,151 11.95 405.00 Non-seat revenue 60 63 571 516 -4.76 -3.00 Total revenue 3,854 3,452 2,973 2,667 11.65 402.00
Fuel -1,149 -917 -733 -807 25.30 -232.00 Ground operations -955 -923 -805 -738 3.47 -32.00 Crew -432 -407 -336 -307 6.14 -25.00 Navigation -280 -285 -256 -232 -1.75 5.00 Maintenance -203 -179 -177 -162 13.41 -24.00 Selling and marketing -104 -102 -92 -58 1.96 -2.00 Other costs -200 -171 -172 -119 16.96 -29.00 Aircraft dry leasing -95 -109 -102 -116 -12.84 14.00 Depreciation -97 -83 -72 -55 16.87 -14.00 Amortization of intangible assets -8 -7 -6 -5 14.29 -1.00 Miscellaneous -48 -8
Total operating profit -3,523 -3,183 -2,799 -2,607 10.68 -340.00 Operating profits 331 269 174 60 23.05 62.00
Interest receivables 11 9 7 22 22.22 2.00 Interest payables -25 -30 -27 -28 -16.67 5.00 Profit before tax 317 248 154 55 27.82 69.00
Tax charge -62 -23 -33 16 169.57 -39.00 Profit for the year 255 225 121 71 13.33 30.00
Other Information
2012 2011 2010 2009
Number of Shares (million) 408.00 429.00 426.50 421.90
Ordinary Dividends per Share (GBp) 21.50 10.50
Special Dividends per Share (GBp) 34.90
Dividends paid (GBP million) 87.72 46.00
Special Dividend paid (GBP million) 150.00
Market price per Share (GBp) 580.00 375.00 404.00 414.00
Note:
Fiscal year 2012: 1st October 2011 – 30th September 2012
Fiscal year 2011: 1st October 2010 – 30th September 2011
Fiscal year 2010: 1st October 2009 – 30th September 2010
Fiscal year 2009: 1st October 2008 – 30th September 2009
Table 2:E asyJet’s consolidated statement of financial position (in GBP ‘000)
Consolidated statement of financial position
from 2011 to 2012
2012 2011 2010 2009 Dif % Abs Non-current assets
Goodwill 365 365 365 365 0.00 0.00 Other Intangible assets 91 86 87 82 5.81 5.00 Property, plant and equipment 2,395 2,149 1,928 1,612 11.45 246.00 Derivative financial instruments 21 24 8 8 -12.50 -3.00 Loan notes 10 11 13 13 -9.09 -1.00 Restricted cash 29 33 33 48 -12.12 -4.00 Other non-current assets 57 63 54 63 -9.52 -6.00
2,968 2,731 2,488 2,191 8.68 237.00 Current assets
Assets held for sale 0 0 73 73 0.00 Trade and other receivables 241 165 194 242 46.06 76.00 Derivative financial instruments 73 83 53 68 -12.05 -10.00 Restricted cash 130 90 23 24 44.44 40.00 Money market deposits 238 300 260 287 -20.67 -62.00 Cash and cash equivalents 645 1,100 912 789 -41.36 -455.00
1,327 1,738 1,515 1,483 -23.65 -411.00
4,295 4,469 4,003 3,674 -3.89 -174.00
Shareholders' equity
Share capital -108 -108 -107 -106 0.00 0.00 Share premium -656 -654 -652 -642 0.31 -2.00 Hedging reserve -42 -14 -35 24 200.00 -28.00 Translation reserve -1 -1 -1 0 0.00 0.00 Retained earnings -987 -928 -706 -583 6.36 -59.00
-1,794 -1,705 -1,501 -1,307 5.22 -89.00 Non-current liabilities
Borrowings -828 -1,145 -1,085 -1,003 -27.69 317.00 Derivative financial instruments -24 -27 -4 -3 -11.11 3.00 Non-current deferred income -46 -59 -56 -53 -22.03 13.00 Maintenance provisions -141 -177 -144 -169 -20.34 36.00 Deferred tax liabilities -198 -179 -148 -77 10.61 -19.00
-1,237 -1,587 -1,437 -1,305 -22.05 350.00 Current liabilities
Trade and other payables -1,021 -916 -829 -751 11.46 -105.00 Borrowings -129 -155 -127 -118 -16.77 26.00 Derivative financial instruments -26 -52 -10 -91 -50.00 26.00 Current tax liabilities -29 -9 -28 -57 222.22 -20.00 Maintenance provisions -59 -45 -71 -45 31.11 -14.00
-1,264 -1,177 -1,065 -1,062 7.39 -87.00
-4,295 -4,469 -4,003 -3,674 -3.89 174.00 Note: Proportion of trade receivables and payables in ‘trade and other receivables’ and ‘trade and other payables’
Trade receivables 120 81 73.7 155.50
Trade payables -109 -90 -79.2 -99.20
Table 3:Ryanair’s Consolidated income statement (in GBP ‘000) and other information
Consolidated income statement
from 2011 to 2012
2012 2011 2010 2009 Dif % Abs Scheduled revenues 3,221 2,919 2,499 2,068 10.35 302.22 Ancillary revenue 897 738 709 591 21.56 159.14 Total revenue 4,119 3,604 3,207 2,659 14.27 514.27
0 0 0
Staff costs -367 -346 -332 -298 6.10 -21.10 Depreciation -277 -257 -246 -209 7.78 -20.02 Fuel and oil -1,590 -1,328 -1,084 -796 19.77 -262.50 Maintenance -102 -87 -83 -77 17.77 -15.40 Aircraft rentals -83 -76 -86 -85 9.01 -6.83 Route charges -411 -383 -363 -299 7.17 -27.46 Airport handling costs -516 -462 -435 -408 11.82 -54.56 Marketing -167 -150 -137 -129 11.35 -17.02 Icelandic volcanic 0 0 -11 0 0.00 Total operating expense -3,513 -3,088 -2,776 -2,301 13.76 -424.89 Operating profit 605 516 431 358 17.32 89.38
0 0 0
Finance income 23 37 24 21 -37.89 -13.89 Finance expense -83 -90 -83 -64 -7.21 6.49 Foreign exchange gain / loss 4 3 0 -1 26.53 0.88 Gain on disposal 0 8 0 -11 -8.33 Profit before Tax 549 474 372 303 15.71 74.54
0 0 0
Tax charge -69 -55 -41 -32 26.38 -14.44 Profit for the year 480 420 331 271 14.32 60.10
Other Information
Number of Shares (million) 1447.00 1456.00 1490.00 1421.90
Ordinary Dividends per Share (GBp) 28.67
Special Dividends per Share (GBp) 29.65
Dividends paid (GBP million) 414.90
Special Dividend paid (GBP million) 441.80
Market price per Share (GBp) 501.76 373.23 296.89 327.48
Share buyback number of shares (million) 15.00 36.50
Share buyback pounds(GBP million) 57.34 104.14
Note:
Fiscal year 2012 (referred to in Ryanair as fiscal year 2013): 1st April 2012 – 31th March 2013 Fiscal year 2011 (referred to in Ryanair as fiscal year 2012): 1st April 2011 – 31th March 2012 Fiscal year 2010 (referred to in Ryanair as fiscal year 2011): 1st April 2010 – 31th March 2011 Fiscal year 2009 (referred to in Ryanair as fiscal year 2010): 1st April 2009 – 31th March 2010 This notation was chosen for a clearer year comparison of Ryanair and easyJet.
The figures have been changed in to GBP with the exchange rate from the 31.03.2013,
31.03.2012, 31.03.2011 and 31.03.2010 repectivly.
Table 4:Ryanair’s Statement of financial position (in GBP ‘000)
Statement of financial position
from 2011 to 2012
2012 2011 2010 2009 Dif % Abs Non-current assets
Property, Plant and Equipment 4,137 4,103 4,359 3,839 0.83 34.21 Intangible assets 40 39 42 42 1.22 0.48 Available for sale fin assets 186 125 101 103 49.14 61.40 Derivative fin instruments 4 2 21 20 68.71 1.72
4,367 4,270 4,522 4,005 2.29 97.81 Current assets 0 0 0 0.00 Inventories 3 2 3 2 1.22 0.03 Other assets 57 54 87 72 5.90 3.19 Current tax 0 7 1 0 -100.00 -7.50 Trade receivables 47 43 45 39 9.01 3.90 Derivative fin instruments 66 193 339 109 -65.97 -127.50 Restricted cash 21 29 38 61 -27.70 -8.08 Financial assets: cash > 3months 1,934 643 768 1,128 200.66 1290.53 Cash and Cash equivalent 1,047 2,256 1,792 1,315 -53.61 -1209.50
3,174 3,229 3,073 2,726 -1.70 -54.91
7,542 7,499 7,595 6,730 0.57 42.90 Shareholders' equity
Share capital -8 -8 -8 -8 -5.13 0.41 Share premium -580 -556 -582 -562 4.41 -24.51 Capital redemption reserve -1 -1 -1 -1 1.22 -0.01 Retained earnings -2,040 -1,999 -1,739 -1,855 2.03 -40.50 Other reserves -132 -192 -280 -109 -31.34 60.06
-2,760 -2,755 -2,610 -2,535 0.18 -5.06 Non-current liabilities 0 0 0
Provisions -115 -86 -80 -92 33.66 -28.88 Derivative financial instruments -42 -45 -7 -31 -6.27 2.82 Deferred tax -293 -266 -237 -178 10.11 -26.87 Other creditors -108 -122 -111 -121 -11.26 13.69 Non-current maturities of debt -2,613 -2,713 -2,927 -2,395 -3.72 100.86
-3,170 -3,232 -3,362 -2,817 -1.91 61.63 Current liabilities 0 0 0
Trade payables -116 -151 -133 -137 -22.82 34.42 Accrued expenses of other liabilities -1,131 -1,031 -1,082 -968 9.73 -100.32 Current maturities of debt -337 -307 -298 -237 9.73 -29.91 Current tax -1 0 0 -1 -0.84 Derivative financial instruments -26 -23 -110 -36 12.07 -2.82
-1,612 -1,512 -1,623 -1,379 6.58 -99.47
-7,542 -7,499 -7,595 -6,730 0.57 -42.90
Note:
A change in estimates relating to the timing of revenue recognition of unused passenger tickets resulted in a one-off release of 63.5€ million (￡53.55 million) in revenue and consequently an increase of 57.8€ million (￡ 48.47million) in profit after tax in the fiscal year 2011. The one-off release has been countermanded to ensure unbiased ratios.
The figures have been changed in to GBP with the exchange rate from the 31.03.2013.
References
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财务专业术语中英文对照表
财务专业术语中英文对照表 英文中文说明 Account Accounting system 会计系统 American Accounting Association 美国会计协会 American Institute of CPAs 美国注册会计师协会 Audit 审计 Balance sheet 资产负债表 Bookkeepking 簿记 Cash flow prospects 现金流量预测 Certificate in Internal Auditing 部审计证书 Certificate in Management Accounting 管理会计证书 Certificate Public Accountant注册会计师 Cost accounting 成本会计 External users 外部使用者 Financial accounting 财务会计 Financial Accounting Standards Board 财务会计准则委员会 Financial forecast 财务预测 Generally accepted accounting principles 公认会计原则 General-purpose information 通用目的信息 Government Accounting Office 政府会计办公室 Income statement 损益表 Institute of Internal Auditors 部审计师协会 Institute of Management Accountants 管理会计师协会 Integrity 整合性 Internal auditing 部审计 Internal control structure 部控制结构 Internal Revenue Service 国收入署 Internal users部使用者 Management accounting 管理会计 Return of investment 投资回报 Return on investment 投资报酬 Securities and Exchange Commission 证券交易委员会
各种花的英文名
各种花卉的英文名 iris蝴蝶花 cockscomb鸡冠花 honeysuckle金银花chrysanthemum菊花 carnation康乃馨 orchid兰花 canna美人蕉 jasmine茉莉花 daffodil水仙花 peony牡丹 begonia秋海棠 cactus仙人掌 christmas flower圣诞花/一品红poppy罂粟 tulip郁金香 chinese rose月季 violet紫罗兰 peach flower桃花 aloe芦荟 mimosa含羞草 dandelion蒲公英
plum bolssom梅花中国水仙 new year lily 石榴 pomegranate 月桂victor's laurel 报春花 polyanthus 木棉 cotton tree 紫丁香 lilac 吊钟 lady's eardrops 紫荆 Chinese redbud 百合 lily 紫罗兰 wall flower 桃花 peach 紫藤 wisteria 杜鹃 azalea 铃兰 lily-of-the-valley 牡丹 tree peony 银杏 ginkgo 芍药 peony 蝴蝶兰 moth orchid 辛夷 violet magnolia 蟹爪仙人掌 Christmas cactus 玫瑰 rose 郁金香 tulip
茶花 common camellia 千日红 common globe-amaranth 非洲堇 African violet 栀子花 cape jasmine 木槿 rose of Sharon 风信子 hyacinth 百子莲 African lily 牵牛花 morning glory 君子兰 kefir lily 荷包花 lady's pocketbook 含笑花 banana shrub 非洲菊 African daisy 含羞草 sensitive plant 茉莉 Arabian jasmine 猪笼草 pitcher plant 凌霄花 creeper 树兰 orchid tree 康乃馨coronation 鸡冠花 cockscomb 荷花lotus 鸢萝 cypress vine 菩提 botree
会计术语中英对照
会计术语中英对照 文稿归稿存档编号：[KKUY-KKIO69-OTM243-OLUI129-G00I-FDQS58-
一、会计与会计理论 会计 accounting 决策人 Decision Maker 投资人 Investor 股东 Shareholder 债权人 Creditor 财务会计 Financial Accounting 管理会计 Management Accounting 成本会计 Cost Accounting 私业会计 Private Accounting 公众会计 Public Accounting 注册会计师 CPA Certified Public Accountant 国际会计准则委员会 IASC 美国注册会计师协会 AICPA 财务会计准则委员会 FASB 管理会计协会 IMA 美国会计学会 AAA 税务稽核署 IRS 独资企业 Proprietorship 合伙人企业 Partnership 公司 Corporation 会计目标 Accounting Objectives 会计假设 Accounting Assumptions 会计要素 Accounting Elements 会计原则 Accounting Principles 会计实务过程 Accounting Procedures 财务报表 Financial Statements 财务分析Financial Analysis 会计主体假设 Separate-entity Assumption 货币计量假设 Unit-of-measure Assumption 持续经营假设 Continuity(Going-concern) Assumption 会计分期假设 Time-period Assumption 资产 Asset 负债 Liability 业主权益 Owner's Equity 收入 Revenue 费用 Expense
会计中英文对照
财会常见名词英汉对照表 （1）会计与会计理论 会计accounting 决策人Decision Maker 投资人Investor 股东Shareholder 债权人Creditor 财务会计Financial Accounting 管理会计Management Accounting 成本会计Cost Accounting 私业会计Private Accounting 公众会计Public Accounting 注册会计师CPA Certified Public Accountant 国际会计准则委员会IASC 美国注册会计师协会AICPA 财务会计准则委员会FASB 管理会计协会IMA 美国会计学会AAA 税务稽核署IRS 独资企业Proprietorship 合伙人企业Partnership 公司Corporation
会计目标Accounting Objectives 会计假设Accounting Assumptions 会计要素Accounting Elements 会计原则Accounting Principles 会计实务过程Accounting Procedures 财务报表Financial Statements 财务分析Financial Analysis 会计主体假设Separate-entity Assumption 货币计量假设Unit-of-measure Assumption 持续经营假设Continuity(Going-concern) Assumption 会计分期假设Time-period Assumption 资产Asset 负债Liability 业主权益Owner's Equity 收入Revenue 费用Expense 收益Income 亏损Loss 历史成本原则Cost Principle 收入实现原则Revenue Principle 配比原则Matching Principle 全面披露原则Full-disclosure (Reporting) Principle
会计方面专业术语的英文翻译
会计方面专业术语的xx acceptance承兑 account账户 accountant会计员 accounting会计 accounting system会计制度 accounts payable应付账款 accounts receivable应收账款 accumulated profits累积利益 adjusting entry调整记录 adjustment调整 administration expense管理费用 advances预付 advertising expense广告费 agency代理 agent代理人 agreementxx allotments分配数 allowance津贴 amalgamation合并 amortization摊销
amortized cost应摊成本 annuities年金 applied cost已分配成本 applied expense已分配费用 applied manufacturing expense己分配制造费用apportioned charge摊派费用 appreciation涨价 article of association公司章程 assessment课税 assets资产 attorney fee律师费 audit审计 auditor审计员 average平均数 average cost平均成本 bad debt坏账 balance余额 balance sheet资产负债表 bank account银行账户 bank balance银行结存 bank charge银行手续费
bank deposit银行存款 bank discount银行贴现bank draft银行汇票 bank loan银行借款 bank overdraft银行透支bankers acceptance银行承兑bankruptcy破产 bearer持票人 beneficiary受益人 bequest遗产 bill票据 bill of exchange汇票 bill of lading提单 bills discounted贴现票据bills payable应付票据 bills receivable应收票据board of directors董事会bonds债券 bonus红利 book value账面价值bookkeeper簿记员
植物花卉中英文对照
植物花卉中英文对照、花卉英文名大全 金橘－－－－－－－－－－－－－－kumquat 米仔兰(米兰）－－－－－－－－－ milan tree 变叶木－－－－－－－－－－－－－croton 一品红－－－－－－－－－－－－－poinsettia 扶桑－－－－－－－－－－－－－－Chinese hibiscus 吊灯花－－－－－－－－－－－－－fringed hibiscus 马拉巴栗（发财树)－－－－－－－ Guiana chestnut 山茶－－－－－－－－－－－－－－camellia 云南山茶－－－－－－－－－－－－Yunnan camellia 金花茶－－－－－－－－－－－－－golden camellia 瑞香－－－－－－－－－－－－－－daphne 结香－－－－－－－－－－－－－－paper bush 倒挂金钟－－－－－－－－－－－－fuchsia 八角金盘－－－－－－－－－－－－Japan fatsia 常春藤－－－－－－－－－－－－－ivy 鹅掌柴－－－－－－－－－－－－－umbrella tree 杜鹃花－－－－－－－－－－－－－rhododendron 茉莉花－－－－－－－－－－－－－jasmine 桂花－－－－－－－－－－－－－－sweet osmanthus 夹竹桃－－－－－－－－－－－－－sweet-scented oleander 黄花夹竹桃－－－－－－－－－－－lucky-nut-thevetia 鸡蛋花－－－－－－－－－－－－－frangipani 龙吐珠－－－－－－－－－－－－－bleeding-heart glorybower 夜香树（木本夜来香）－－－－－－night jasmine 鸳鸯茉莉－－－－－－－－－－－－broadleaf raintree 栀子花－－－－－－－－－－－－－cape jasmine 蝴蝶兰－－－－－－－－－－－－－moth orchid 卡特兰－－－－－－－－－－－－－cattleya 石斛－－－－－－－－－－－－－－dendrobium 兜兰－－－－－－－－－－－－－－lady slipper 兰花－－－－－－－－－－－－－－orchid 春兰－－－－－－－－－－－－－－goering cymbidium
会计专业专业术语中英文对照
会计专业专业术语中英文对照 一、会计与会计理论 会计 accounting 决策人 Decision Maker 投资人 Investor 股东 Shareholder 债权人 Creditor 财务会计 Financial Accounting 管理会计 Management Accounting 成本会计 Cost Accounting 私业会计 Private Accounting 公众会计 Public Accounting 注册会计师 CPA Certified Public Accountant 国际会计准则委员会 IASC 美国注册会计师协会 AICPA 财务会计准则委员会 FASB 管理会计协会 IMA 美国会计学会 AAA 税务稽核署 IRS 独资企业 Proprietorship 合伙人企业 Partnership 公司 Corporation
会计目标 Accounting Objectives 会计假设 Accounting Assumptions 会计要素 Accounting Elements 会计原则 Accounting Principles 会计实务过程 Accounting Procedures 财务报表 Financial Statements 财务分析Financial Analysis 会计主体假设 Separate-entity Assumption 货币计量假设 Unit-of-measure Assumption 持续经营假设 Continuity(Going-concern) Assumption 会计分期假设 Time-period Assumption 资产 Asset 负债 Liability 业主权益 Owner's Equity 收入 Revenue 费用 Expense 收益 Income 亏损 Loss 历史成本原则 Cost Principle 收入实现原则 Revenue Principle 配比原则 Matching Principle
各种花的英文名
iris 蝴蝶花hon eysuckle 金银花 chrysanthemum 菊花 carnation 康乃馨 orchid 兰花 canna 美人蕉 jasmine 茉莉花 daffodil 水仙花 peony 牡丹 begonia 秋海棠 cactus 仙人掌 christmas flower 圣诞花/一品红 poppy 罂粟 tulip 郁金香 chi nese rose 月 季 violet 紫罗兰 peach flower 桃花 aloe 芦荟 mimosa 含羞草 dandelion 蒲公英 plum bolssom 梅花中国水仙new year lily
石榴pomegranate 月桂victor's laurel 报春花polyanthus 木棉cotton tree 紫丁香lilac 吊钟lady's eardrops 紫荆Chinese redbud 百合lily 紫罗兰wall flower 桃花peach 紫藤wisteria 杜鹃azalea 铃兰lily-of-the-valley 牡丹tree peony 银杏ginkgo 芍药peony 蝴蝶兰moth orchid 辛夷violet magnolia 蟹爪仙人掌Christmas cactus 玫瑰rose 郁金香tulip
非洲堇African violet 栀子花cape jasmine 木槿rose of Sharon 风信子hyacinth 百子莲African lily 牵牛花morning glory 君子兰kefir lily 荷包花lady's pocketbook 含笑花bana shrub 非洲菊African daisy 含羞草sensitive plant 茉莉Arabian jasmine 猪笼草pitcher plant 凌霄花creeper 树兰orchid tree 康乃馨coronation 荷花lotus 鸢萝cypress vine 菩提botree 大理花dahlia
Accounting专业词汇
Accounting system 会计系统 American Accounting Association 美国会计协会American Institute of CPAs 美国注册会计师协会 Audit 审计 Balance sheet 资产负债表 Bookkeepking 簿记 Cash flow prospects 现金流量预测 Certificate in Internal Auditing 内部审计证书 Certificate in Management Accounting 管理会计证书Certificate Public Accountant注册会计师 Cost accounting 成本会计 External users 外部使用者 Financial accounting 财务会计 Financial Accounting Standards Board 财务会计准则委员会Financial forecast 财务预测 Generally accepted accounting principles 公认会计原则General-purpose information 通用目的信息Government Accounting Office 政府会计办公室 Income statement 损益表 Institute of Internal Auditors 内部审计师协会 Institute of Management Accountants 管理会计师协会Integrity 整合性 Internal auditing 内部审计 Internal control structure 内部控制结构 Internal Revenue Service 国内收入署 Internal users 内部使用者 Management accounting 管理会计 Return of investment 投资回报 Return on investment 投资报酬 Securities and Exchange Commission 证券交易委员会Statement of cash flow 现金流量表 Statement of financial position 财务状况表 Tax accounting 税务会计 Accounting equation 会计等式 Articulation 勾稽关系 Assets 资产 Business entity 企业个体 Capital stock 股本 Corporation 公司 Cost principle 成本原则 Creditor 债权人 Deflation 通货紧缩 Disclosure 批露 Expenses 费用
会计方面专业术语的英文翻译
会计方面专业术语的英文翻译 acceptance 承兑 account 账户 accountant 会计员 accounting 会计 accounting system 会计制度 accounts payable 应付账款 accounts receivable 应收账款 accumulated profits 累积利益 adjusting entry 调整记录 adjustment 调整 administration expense 管理费用 advances 预付 advertising expense 广告费 agency 代理 agent 代理人 agreement 契约 allotments 分配数 allowance 津贴 amalgamation 合并 amortization 摊销 amortized cost 应摊成本 annuities 年金 applied cost 已分配成本 applied expense 已分配费用 applied manufacturing expense 己分配制造费用apportioned charge 摊派费用 appreciation 涨价 article of association 公司章程 assessment 课税 assets 资产 attorney fee 律师费 audit 审计 auditor 审计员 average 平均数 average cost 平均成本 bad debt 坏账 balance 余额
balance sheet 资产负债表 bank account 银行账户 bank balance 银行结存 bank charge 银行手续费 bank deposit 银行存款 bank discount 银行贴现 bank draft 银行汇票 bank loan 银行借款 bank overdraft 银行透支 bankers acceptance 银行承兑 bankruptcy 破产 bearer 持票人 beneficiary 受益人 bequest 遗产 bill 票据 bill of exchange 汇票 bill of lading 提单 bills discounted 贴现票据 bills payable 应付票据 bills receivable 应收票据 board of directors 董事会 bonds 债券 bonus 红利 book value 账面价值 bookkeeper 簿记员 bookkeeping 簿记 branch office general ledger 支店往来账户broker 经纪人 brought down 接前 brought forward 接上页 budget 预算 by-product 副产品 by-product sales 副产品销售 capital 股本 capital income 资本收益 capital outlay 资本支出 capital stock 股本 capital stock certificate 股票 carried down 移后 carried forward 移下页 cash 现金 cash account 现金账户 cash in bank 存银行现金 cash on delivery 交货收款
常见花的英文单词新选
常见花的英文单词 中国水仙new year lily 石榴pomegranate 月桂victor's laurel 报春花polyanthus 木棉cotton tree 紫丁香lilac 吊钟lady's eardrops 紫荆Chinese redbud 百合lily 紫罗兰wall flower 桃花peach 紫藤wisteria 杜鹃azalea 铃兰lily-of-the-valley 牡丹tree peony 银杏ginkgo 芍药peony 蝴蝶兰moth orchid 辛夷violet magnolia 蟹爪仙人掌Christmas cactus 玫瑰rose 郁金香tulip 茶花common camellia 千日红common globe-amaranth 非洲堇African violet 栀子花cape jasmine 木槿rose of Sharon 风信子hyacinth 百子莲African lily 牵牛花morning glory 君子兰kefir lily 荷包花lady's pocketbook 含笑花banana shrub 非洲菊African daisy 含羞草sensitive plant 茉莉Arabian jasmine 猪笼草pitcher plant 凌霄花creeper 树兰orchid tree 康乃馨coronation 鸡冠花cockscomb
荷花lotus 鸢萝cypress vine 菩提botree 大理花dahlia 圣诞百合Christmas bell 一串红scarlet sage 紫薇crape myrtle 勿忘我forget-me-not 睡莲water lily 文心兰dancing lady 吊兰spider plant 白头翁pappy anemone 向日葵sunflower 矢车菊cornflower 竹bamboo 金鱼草snapdragon 夹竹桃oleander 金盏花pot marigold 月季花china rose 金银花honeysuckle 长春花old maid 金莲花garden nasturtium 秋海棠begonia 非洲凤仙African touch-me-not 美人蕉canna 曼陀罗angel's trumpet 晚香玉tuberose 梅花flowering apricot 野姜花ginger lily 圣诞红common poinsettia 菊花chrysanthemum 虞美人Iceland poppy 昙花epiphyllum 鸢尾iris 龙胆royal blue 腊梅winter sweet 麒麟花crown of thorns 木芙蓉cotton rose 九重葛paper flower 火鹤花flamingo flower 三色堇tricolor viola 嘉德丽亚兰cattleya
会计术语中英对照
一、会计与会计理论 会计accounting 决策人Decision Maker 投资人Investor 股东Shareholder 债权人Creditor 财务会计Financial Accounting 管理会计Management Accounting 成本会计Cost Accounting 私业会计Private Accounting 公众会计Public Accounting 注册会计师CPA Certified Public Accountant 国际会计准则委员会IASC 美国注册会计师协会AICPA 财务会计准则委员会FASB 管理会计协会IMA 美国会计学会AAA 税务稽核署IRS 独资企业Proprietorship 合伙人企业Partnership 公司Corporation 会计目标Accounting Objectives 会计假设Accounting Assumptions 会计要素Accounting Elements 会计原则Accounting Principles 会计实务过程Accounting Procedures 财务报表Financial Statements 财务分析Financial Analysis 会计主体假设Separate-entity Assumption 货币计量假设Unit-of-measure Assumption 持续经营假设Continuity(Going-concern) Assumption 会计分期假设Time-period Assumption 资产Asset 负债Liability 业主权益Owner's Equity 收入Revenue 费用Expense 收益Income
亚洲常见花卉英文译名
亚洲常见花卉英文译名Abutilon pictum / Thomsonii风铃花 Abutilon Hybriden金铃花 Acacia dealbata银栲皮树 Acaena / New Zealand burr无瓣蔷薇(纽西兰球果属植物) Acanthus叶蓟属植物 Acer palmatum掌叶槭 Achillea / Yarrow丽纹锯草(蓍草属植物) Achimenes / Cupid's bower / hot water plant长筒花Actinidia狝猴桃<--攀缘植物 Adenium obesum沙漠玫瑰(天宝花) Adiantum capilus-veneris / True maidenhair fern铁线蕨Aegopodium podagraia 'Variegata'斑叶羊角芹 African daisy非洲菊 Agapanthus / African lily百子莲 Agastache藿香 Agave龙舌兰属植物 Ageratum houstonianum紫花霍香蓟 Agrostemma githago / Corn cockle麦仙翁 Ajuga reptans匍筋骨草 Akebia木通(别名:巧克力藤蔓) <--攀缘植物
Alcea rosea / Hollyhock蜀葵 Alchemilla / Lady's mantle斗篷草 Allium葱属 Aloe芦荟属植物 Alyssum香荠属植物 Amaranthus苋属植物 Ampelopsis山葡萄<--攀缘植物 Ampelopsis brevipedunculata蛇白蔹 Anchusa capensis / Alkanet非洲勿忘草Androsace carnea / Rock jasmine铜钱花Anethu, graveolens / Dill莳萝 Annual phlox福禄考 Antennaria dioica山荻 Anthemis西洋甘菊 Anthemis punctata subsp cupaniana春黄菊Antirrhinum majus / Snapdragon金鱼草 Arabis / Rock cress南芥菜(岩水芹) Aralia elata黃斑高? Arbutus野草莓樹 Arctotis Fastuosa / Monarch of the veldt南非雛菊Arenaria balearica蚤綴
常用的会计术语(1)
一些有用的会计术语 A: A share Ａ股；甲类股份 abatement of tax 减税；减扣免税额 ABN AMRO Bank N.V. 荷兰银行 above-the-line expenditure 线上项目支出；经常预算支出above-the-line receipt 线上项目收入；经常预算收入ABSA Asia Limited 南非联合亚洲有限公司 absolute change 绝对数值变更 absolute expenditure 实际开支 absolute guideline figure 绝对准则数字 absolute interest 绝对权益 absolute order of discharge 绝对破产解除令 absolute profit margin 绝对利润幅度 absolute value 实值；绝对值 absolutely vested interest 绝对既得权益 absorbed cost 已吸收成本；已分摊成本 absorption 吸收；分摊；合并 absorption rate 吸收率；摊配率；分摊率 ACB Finance Limited 亚洲商业财务有限公司acceptable form of reciprocity 合理的互惠条件acceptable rate 适当利率；适当汇率
acceptance agreement 承兑协议 acceptance for honour 参加承兑 acceptor 承兑人；接受人；受票人 acceptor for honour 参加承兑人 accident insurance 意外保险 Accident Insurance Association of Hong Kong 香港意外保险公会accident insurance scheme 意外保险计划 accident year basis 意外年度基准 accommodation 通融；贷款 accommodation bill 通融票据；空头票据 accommodation party 汇票代发人 account balance 帐户余额；帐户结余 account book 帐簿 account collected in advance 预收款项 account current book 往来帐簿 account of after-acquired property 事后取得的财产报告account of defaulter 拖欠帐目 account payable 应付帐款 account payee only [A/C payee only] 只可转帐；存入收款人帐户account receivable 应收帐款 account receivable report 应收帐款报表 account statement 结单；帐单；会计财务报表 account title 帐户名称；会计科目
会计专业术语中英文对照参考
A (1)ABC 作业基础成本计算 A (2)absorbed overhead 已汲取制造费用 A (3)absorption costing 汲取成本计算 A (4)account 帐户,报表 A (5)accounting postulate 会计假设 A (6)accounting series release 会计公告文件 A (7)accounting valuation 会计计价 A (8)account sale 承销清单 A (9)accountability concept 经营责任概念 A (10)accountancy 会计职业 A (11)accountant 会计师 A (12)accounting 会计 A (13)agency cost 代理成本 A (14)accounting bases 会计基础 A (15)accounting manual 会计手册 A (16)accounting period 会计期间 A (17)accounting policies 会计方针 A (18)accounting rate of return 会计酬劳率 A (19)accounting reference date 会计参照日 A (20)accounting reference period 会计参照期间A (21)accrual concept 应计概念 A (22)accrual expenses 应计费用
A (23)acid test ration 速动比率(酸性测试比率) A (24)acquisition 购置 A (25)acquisition accounting 收购会计 A (26)activity based accounting 作业基础成本计算A (27)adjusting events 调整事项 A (28)administrative expenses 行政治理费 A (29)advice note 发货通知 A (30)amortization 摊销 A (31)analytical review 分析性检查 A (32)annual equivalent cost 年度等量成本法 A (33)annual report and accounts 年度报告和报表A (34)appraisal cost 检验成本 A (35)appropriation account 盈余分配帐户 A (36)articles of association 公司章程细则 A (37)assets 资产 A (38)assets cover 资产保障 A (39)asset value per share 每股资产价值 A (40)associated company 联营公司 A (41)attainable standard 可达标准 A (42)attributable profit 可归属利润 A (43)audit 审计 A (44)audit report 审计报告
AICPA财务英语中英文对照
AICPA财务英语中英文对照表 A account 账户 account payable 应付账款 accounting system 会计系统 Accounting Principle Board (APB) （美国）会计准则委员会 accrual basis 权责发生制（应计制） accumulated depreciation 累计折旧 account FORMat 账户格式 accrue 应计 accounting cycle 会计循环 accounts receivable 应收账款 accounts receivable turnover 应收账款周转率 accelerated depreciation 加速折旧 adjusting entries 调整分录 adjustment 调整 aging of accounts receivable 应收账款账龄分析法 allowance for bad debts 坏账准备 allowance for doubtful accounts 坏账准备 allowance for uncollectible 坏账准备 allowance method 备抵法 allowance for depreciation 折旧备抵账户 amortization 摊销 annual report 年度报告 annuity 年金 assets 资产
audit 审计 auditor’s opinion 审计意见书 auditor 审计师 audit committee 审计委员会 average collection period 平均收账期AICPA 美国注册会计师协会 APB Opinions 会计准则委员会意见书B balance 余额 bad debt recoveries 坏账收回 bad debts 坏账 bad debts expense 坏账费用 balance sheet 资产负债表 balance sheet equation 资产负债表等式basket purchase 一揽子采购 betterment 改造投资，改造工程投资bearer instrument 不记名票据 bonds 债券 book of original entry 原始分录账簿 book value 账面价值 C capital 资本 capital stock certificate 股本证明书 cash basis 收付实现制（现金收付制）cash dividends 现金股利 cash flow statement 现金流量表 carrying amount 账面价值 carrying value 账面价值 callable bonds 可赎债券，可提前兑回债券
财务英语专业术语
流动资产CURRENT ASSETS： 现金Cash on hand 银行存款Cash in bank 有价证券Marketable securitiea 应收票据Notes receivable 应收帐款Accounts receivable 坏帐准备Provision for bad debts 预付帐款Advances to suppliers 其他应收款Other receivables 待摊费用Deferred and prepaid expenses 存货Inventories 存货变现损失准备Provision for loss on realization of inventory 一年内到期的长期债券投资Long-term investments maturing within one year 其他流动资产Other current assets 长期投资Long-term in vestments 一年以上的应收款项Receivables collectable after one year 固定资产：FIXED ASSETS: 固定资产原价Fixed assets-cost 累计折旧Accumulated depreciation 固定资产净值Fixed assets-net value 固定资产清理Disposal of fixed assets 在建工程Construction in progress 无形资产INTANGIBLE ASSETS: 场地使用权Land occupancy right 工业产权及专有技术Proprietary technology and patents 其他无形资产Other intangibles assets 其他资产：OTHER ASSETS 开办费Organization expenses 筹建期间汇兑损失Exchange loss during start-up peried 递延投资损失Deferred loss on investments 递延税款借项Deferred taxes debit 其他递延支出Other deferred expenses 待转销汇兑损失Unamortized cxehange loss 流动负债CURRENT LIABILITIES: 短期借款Short term loans 应付票据Notes payable 应付帐款Accounts payable 应付工资Accrued payroll 应交税金Taxes payable 应付利润Dividends payable 预收货款Advances from customers 其他应付款Other payables
accounting术语
一、资产类 Assets 流动资产 Current assets 货币资金 Cash and cash equivalents 1001现金 Cash 1002 银行存款 Cash in bank 1009 其他货币资金 Other cash and cash equivalents '100901 外埠存款 Other city Cash in bank '100902 银行本票 Cashier's cheque '100903 银行汇票 Bank draft '100904 信用卡 Credit card '100905 信用证保证金 L/C Guarantee deposits '100906 存出投资款 Refundable deposits 1101 短期投资 Short-term investments '110101 股票 Short-term investments - stock '110102 债券 Short-term investments - corporate bonds '110103 基金 Short-term investments - corporate funds '110110 其他 Short-term investments - other 1102 短期投资跌价准备 Short-term investments falling price reserves 应收款 Account receivable 1111 应收票据 Note receivable 银行承兑汇票 Bank acceptance 商业承兑汇票 Trade acceptance 1121 应收股利 Dividend receivable 1122 应收利息 Interest receivable 1131 应收账款 Account receivable 1133 其他应收款 Other notes receivable 1141 坏账准备 Bad debt reserves 1151 预付账款 Advance money 1161 应收补贴款 Cover deficit by state subsidies of receivable 库存资产 Inventories 1201 物资采购 Supplies purchasing 1211 原材料 Raw materials 1221 包装物 Wrappage 1231 低值易耗品 Low-value consumption goods 1232 材料成本差异 Materials cost variance 1241 自制半成品 Semi-Finished goods 1243 库存商品 Finished goods 1244 商品进销差价 Differences between purchasing and selling price 1251 委托加工物资 Work in process - outsourced 1261 委托代销商品 Trust to and sell the goods on a commission basis 1271 受托代销商品 Commissioned and sell the goods on a commission basis 1281 存货跌价准备 Inventory falling price reserves 1291 分期收款发出商品 Collect money and send out the goods by stages