EasyJet 2009 Annual Report Download - page 92

Download and view the complete annual report

Please find page 92 of the 2009 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 96

  • 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
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96

90 easyJet plc Annual report and accounts 2009
NOTES TO THE COMPANY BALANCE
SHEET AND CASH FLOW STATEMENT
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 £263.6 million (2008: £15.2 million). Included in this amount are dividends received of £261.7 million (2008: £nil).
The Company recognised no other income or expenses in either the current or prior year.
The Company has eight employees at 30 September 2009 (2008: seven). These are the Non Executive Directors of easyJet plc; their remuneration is paid
by easyJet Airline Company Limited. The Executive Directors of easyJet plc 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 consolidated accounts.
b) Investments in subsidiary undertakings
Investments in subsidiary undertakings were as follows:
2009
£ million
2008
£ million
At 1 October 700.2 694.6
Capital contributions to subsidiaries 7.4 5.6
Capital distributions made by subsidiaries (641.9) –
At 30 September 65.7 700.2
During the year a group reorganisation was effected whereby a number of subsidiaries distributed their retained earnings and the majority of their share
capital to easyJet plc. These distributions, being satisfied by the transfer of amounts due from another subsidiary undertaking, are non-cash transactions and
have therefore been excluded from the Company cash flow statement.
The principal subsidiary undertakings, all of which are included in the consolidated accounts, are shown below. A full list of Group companies will be included
in the Company’s next annual return, in accordance with Section 410 of the Companies Act 2006.
Country of incorporation Principal activity Class and percentage of ordinary shares held
easyJet Airline Company Limited England and Wales Airline operator 100%
easyJet Switzerland S.A. 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 is
consolidated as a subsidiary on the basis that the Company exercises a dominant influence over the undertaking. A minority interest has not been reflected
in the accounts 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.