Please see below a statement from Stelios following easyJet Chairman Mike Rake’s speech at the company’s Capital Markets Day today.

Mike Rake needs to remember that capital employed  = equity + debt + capitalised leases.

His old  method was just phoney and it creates a moral hazard as it ignores the leases and it cancels the debt by using the cash. Now he says he will use 3 methods! That is designed to confuse the poor investors in this company for the benefit of a handful of highly paid executives.

The ROCE of BA, AF and LH is simply crap. I will not accept comparisons with such poorly run companies. 

This company used to have a ROCE several times higher than now and it is depressed now because of the expensive airbuses that produce no profit.

They should publish the profit by aircraft. No excuses, it is not useful to the competitors. 

The US$1.3bn (not US$1.5bn?)  refers to 35 aircraft , not 15. It can be derived from their  cash flow slides from September and November. It is correct. Perhaps Mike Rake should explain why there are no two numbers that are the same between the two slides? 

I was thinking about the meaning of his statement of being less than half that for 15 aircraft. That is about 46million per aircraft which is where my reserve engineering comes at. See slide

My recollection is that the pre-IPO scheme was for a very generous 10% of the pre-money shares (c 14m shares ) and not 30m. There are £4m in shares in the last 12 months…

We want the names of the people who got the cash (10% of the company worth £180m) and not excuses and creative accounting over shares.

One last thing: I will never again meet this man in a room because he re-writes history:

He said: 

“In relation to the 15 aircraft, on December 14^th 2010 Carolyn, Chris and I visited Stelios at his house in London to explain to him what we were going to announce on the 15 aircraft option conversions and the 20 conversions to A320s.  He raised no objections.”

The above is rubbish and my objection to the airbus dealing is well documented from the Andy Harrison days . 

What I do not understand is the following: what exactly does he suggest is my motive for stopping the buying of Airbuses? Do I get something from Boeing or something?

I have more years of experience than anyone else on that board in buying  aircraft and I can tell and bad deal when I see one! And I have more to lose if I get it wrong. My interests are aligned with shareholders unlike his.