EasyJet 2008 Annual Report Download - page 80

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a) Income statement and statement of recognised income and expense
In accordance with Section 408 of the Companies Act 2006, the Company is exempt from the requirement to present its own income statement.
The Company’s profit for the year was £15.2 million (2007: loss of £1.7 million). The Company recognised no other income or expenses in either the
current or prior year.
The Company has seven employees. These are the Non Executive Directors of easyJet plc; their remuneration is paid by easyJet Airline Company Limited.
Andrew Harrison and Jeff Carr are employed and paid by easyJet Airline Company Limited. Details of Directors’ remuneration are disclosed in the Report
on Directors’ remuneration and in note 4 to the Group financial statements.
b) Investments in and loans due from subsidiary undertakings
Investments in subsidiary undertakings were as follows:
£ million
At 1 October 2007 694.6
Capital contributions to subsidiaries 5.6
At 30 September 2008 700.2
The principal subsidiary undertakings, all of which are included in the consolidated financial statements, are shown below. A full list of Group companies will
be included in the Company’s next annual return, in compliance with Section 410 of the Companies Act 2006.
Country of Class and percentage of
incorporation Principal activity ordinary shares held
easyJet Airline Company Limited England and Wales Airline operator 100%
easyJet Switzerland SA Switzerland Airline operator 49%
easyJet Aircraft Company Limited Cayman Islands Aircraft trading and leasing 100%
easyJet Sterling Limited Cayman Islands Aircraft trading and leasing 100%
easyJet Leasing Limited Cayman Islands Aircraft trading and leasing 100%
easyJet Malta Limited Malta Aircraft trading and leasing 100%
The Company has a 49% interest in easyJet Switzerland SA with an option that expires in 2014 to acquire the remaining 51%. easyJet Switzerland SA has been consolidated as a subsidiary from 24 June 1999
on the basis that since that date the Company has exercised a dominant influence over the undertaking. A minority interest has not been reflected in the financial statements on the basis that holders of the
remaining 51% of the shares have no entitlement to any dividends from that holding and the Company has an option to acquire those shares for a predetermined consideration.
Loans due from subsidiary undertakings were redeemed during the year ended 30 September 2008, being replaced by intercompany balances on normal
terms as described in note f. This non-cash transaction has been excluded from the cash flow statement.
c) Reconciliation of movement in shareholders’ funds
Share Share Retained
capital premium earnings Total
£million £million £million £million
At 1 October 2007 104.8 633.9 68.2 806.9
Profit for the year – – 15.2 15.2
Share options
Proceeds from shares issued 0.9 6.3 – 7.2
Movement in reserves for employee share scheme – – 5.6 5.6
At 30 September 2008 105.7 640.2 89.0 834.9
Share Share Retained
capital premium earnings Total
£million £million £million £million
At 1 October 2006 102.6 591.4 61.4 755.4
Loss for the year – – (1.7) (1.7)
Share options
Proceeds from shares issued 2.2 42.5 – 44.7
Movement in reserves for employee share scheme – – 8.5 8.5
At 30 September 2007 104.8 633.9 68.2 806.9
Details of authorised and allotted share capital and movements in ordinary shares during 2008 are shown in note 18 to the Group financial statements.
easyJet plc
Annual report and accounts 2008
Notes to the Company balance
sheet and cash flow statement
78