EasyJet 2012 Annual Report Download - page 103

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Notes to the Company accounts
a) Income statement and statement of total 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 and statement of comprehensive income. The Company’s profit for the year was £153 million (2011: £16 million). Included in
this amount are dividends received of £130 million (2011: £3 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 eight employees at 30 September 2012 (2011: eight). 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:
2012
£ million
2011
£ million
At 1 October 271 271
Capital contributions to subsidiaries 12 6
Capital distributions made by subsidiaries –(6)
At 30 September 283 271
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.
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 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.
Accounts & other information
easyJet plc
Annual report and accounts 2012 101