EasyJet 2013 Annual Report Download - page 131
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Notes to the Company accounts
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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 £34 million
(2012: £153 million). Included in this amount are dividends received of £40 million (2012: £130 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 2013 (2012: 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
Directors’ remuneration report and in note 4 to the consolidated accounts.
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Investments in subsidiary undertakings were as follows:
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2012
£ million
At 1 October 271
Capital contributions to subsidiaries 12
Capital distributions made by subsidiaries –
At 30 September 283
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 Leasing Limited1 Cayman Islands Aircraft trading and leasing 100
easyJet Sterling Limited1 Cayman Islands Aircraft trading and leasing 100
1 Although these companies are Cayman Islands incorporated they have always been and continue to be UK tax resident
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.
129
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Accounts & other information