September 29 2022, Kimpton Fitzroy London
Friday 30 September 2022, JW Marriott Grosvenor
21 November 2022, Hilton London Metropole
Concern about "accounting policies" of board
Sir Stelios Haji-Ioannu, founder of easyJet, has refused to sign the airline's annual accounts.
In a statement, he said he was "concerned about the application of certain of the accounting policies adopted by the board in a way that I believe is at odds with current commercial realities and the macro-economic climate."
He said their implications "only became obvious to me this year because of the acquisition of GB Airways."
Sir Stelios, in his 850 word statement, laid out four reasons for refusing to endorse the figures.
These were how the accounts treated easyJet as a "single cash generating unit" rather than assessing individual routes and three different concerns over accounting regarding easyJet's acquisition of GB Airways.
Sir Stelios said the four concerns left him "without any other options but to abstain from voting on the accounts as a director of easyJet PLC.
"I am doing so reluctantly but I believe it is in the interest of all shareholders to be more prudent at the present time."
He said he would not exercise his right to be named chairman of the easyJet board but wanted two employees of easyGroup, his company, to become directors of the airline.
He named them as Andrew Cooper and Anthony Robb-John.
In the statement on its results, easyJet said: "The rest of the Board were unanimous in their approval of the accounts."
The row blew up after Sir Stelios increased his stake in the airline after transferring 47,964,575 ordinary shares in easyJet, owned by his sister Clelia Haji-Ioannu, to easyGroup.
The move increased easyGroup's stake in easyJet from 15.6% to 26.9%. This is near the 29.9% stake which would require a takeover bid.
Sir Stelios wants easyJet to reduce its purchase of new Airbuses and pay a shareholders' dividend.
In its preliminary figures for the year ending September 30, 2008, easyJet reported an underlying pre-tax profit of £123.1m, a 35.7% drop on the figure for 2007.
But the low cost carrier said that revenue was up 31.5% to £2,363m, passenger numbers up 17.3% to 43.7m and its load factor also up by 0.4% to 84.1%.
EasyJet said the price of fuel hit its profit figures but said more than half the £210m bill had been offset by revenue improvements.
During the year, it said its fleet grew to 165 aircraft, compared with 137 in 2007. This included 16 it acquired through its purchase of GB Airways.
Andy Harrison, easyJet's ceo, said: "easyJet delivered a good trading performance in the financial year ending September 2008.
"Our winter bookings for the first quarter of 2009 are slightly ahead of last year, which is partly a reflection of the reduction in competitive capacity on our routes and partly our own decision to restrict our growth in seats flown.
"There is also evidence of a "flight to value" for both business and leisure passengers.
"We recognise that economic conditions will be very difficult and easyJet is planning accordingly, which means focusing on offering customers great value, driving down controllable costs and preserving cash."