EasyJet 2010 Annual Report Download - page 95

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Overview Business review Governance Accounts Other information
easyJet plc
Annual report and accounts 2010
Notes to the Company accounts
93
a) Income statement and statement of comprehensive income
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 £24.5 million (2009: £263.6 million). Included in this amount are dividends received
of £19.6 million (2009: £261.7 million), which are recognised when the right to receive payment is established. The Company recognised
no other income or expenses in either the current or prior year.
The Company has seven employees at 30 September 2010 (2009: nine). 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:
2010
£ million
2009
£ million
At 1 October 65.7 700.2
Investments 200.0 –
Capital contributions 4.8 7.4
Capital distributions – (641.9)
At 30 September 270.5 65.7
Investments in subsidiaries are stated at cost, less any provision for impairment. Where subsidiary undertakings incur charges for share-
based payments in respect of share options and awards granted by the Company, a capital contribution in the same amount is recognised
as an investment in subsidiary undertakings with a corresponding credit to shareholders’ equity.
During the prior 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 trading 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%
The Company has a 49% interest in easyJet Switzerland S.A. with an option that expires in 2014 to acquire the remaining 51%.
easyJet Switzerland S.A. is consolidated as a subsidiary on the basis that the Company exercises a dominant influence over the
undertaking. A non-controlling 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.