EasyJet 2008 Annual Report Download - page 57

Download and view the complete annual report

Please find page 57 of the 2008 EasyJet annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 84

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84

easyJet plc
Annual report and accounts 2008
Notes to the
financial statements
continued
Key management compensation was:
2008 2007
£million £million
Short-term employee benefits 3.5 4.3
Pension costs 0.4 0.4
Payments for loss of office 0.1 –
Share-based payments 0.5 1.3
4.5 6.0
The members of the Executive Management Team are easyJet’s key management as they have collective authority and responsibility
for planning, directing and controlling the business.
Emoluments paid or payable to the Directors of easyJet plc were:
2008 2007
£million £million
Remuneration 1.6 2.1
Pension costs 0.3 0.3
1.9 2.4
5 Tax
Tax on profit on ordinary activities
2008 2007
£million £million
Current tax
United Kingdom corporation tax 14.8 50.2
Foreign tax 6.0 2.7
Prior year adjustments (23.1) (0.7)
Total current tax (credit)/charge (2.3) 52.2
Deferred tax
Temporary differences relating to property, plant and equipment (2.4) 5.1
Other temporary differences 11.3 0.4
Prior year adjustments 20.4 (4.8)
Change in tax rate –(3.3)
Total deferred tax charge/(credit) 29.3 (2.6)
27.0 49.6
Effective tax rate 24.5% 24.6%
Underlying effective tax rate (non-GAAP measure) 24.9% 24.4%
The underlying effective tax rate for the current year excludes the tax relief on GB Airways integration costs. The underlying effective tax rate for the prior
year excludes the tax arising on the reversal of prior year impairment losses relating to easyJet’s investment in The Airline Group. Further details are given
in note 6.
Prior year adjustments include a reclassification of £16.9 million from current to deferred tax.
Tax on items recognised directly in shareholders’ funds
2008 2007
£million £million
Deferred tax charge on share options (7.3) (5.3)
Deferred tax charge on fair value movements of cash flow hedges (14.4) (0.2)
Current tax credit on share options 2.0 7.3
(19.7) 1.8
55
OverviewDirectors’ reportReport on Directors’ remunerationFinancial informationOther information