EasyJet 2013 Annual Report Download - page 132

Download and view the complete annual report

Please find page 132 of the 2013 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 136

  • 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
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136

 easyJet plc Annual report and accounts 2013
$FFRXQWVRWKHULQIRUPDWLRQ
Notes to the Company accounts continued
F5HFRQFLOLDWLRQRISURILWIRUWKH\HDUWRFDVKJHQHUDWHGIURPRSHUDWLRQV

PLOOLRQ
2012
£ million
3URILWIRUWKH\HDU  153

$GMXVWPHQWVIRU 
Finance and other similar income  (10)
Unrealised foreign exchange differences  (16)
Income tax charge  3
Dividends received  (130)
2SHUDWLQJFDVKIORZVEHIRUHPRYHPHQWLQZRUNLQJFDSLWDO ± –
&KDQJHVLQZRUNLQJFDSLWDO 
Increase in tax recoverable  –
Decrease/(increase) in amounts due from subsidiary undertakings  (204)
Decrease in amounts due to subsidiary undertakings  258
 54
Prior year numbers have been reclassified to conform to the current year presentation.
G*XDUDQWHHVDQGFRQWLQJHQWOLDELOLWLHV
The Company has given a formal undertaking to the Civil Aviation Authority to guarantee the payment and discharge
of all liabilities of easyJet Airline Company Limited, a subsidiary of the Company. The guarantee is required for
that company to maintain its operating licence under Regulation 3 of the Licensing of Air Carriers Regulations 1992.
The Company has issued a guarantee in favour of easyJet Airline Company Limited, a subsidiary undertaking, in relation
to the processing of credit card transactions, and also in respect of hedging transactions carried out according to
treasury policy.
The Company has guaranteed the contractual obligations of easyJet Airline Company Limited and easyJet Leasing
Limited, both subsidiary undertakings, in respect of its contractual obligations to Airbus SAS in respect of the supply
of Airbus 320 family aircraft.
The Company has guaranteed the repayment of borrowings that financed the acquisition of aircraft by subsidiary
undertakings. The Company has also guaranteed the payment obligations for the lease of aircraft by subsidiary undertakings.
The Company has guaranteed certain letters of credit which have been issued by a bank on behalf of subsidiary undertakings.
No amount is recognised on the Company statement of financial position in respect to any of these guarantees
as it is not probable that there will be an outflow of resources.
H5HODWHGSDUW\WUDQVDFWLRQV
Transactions with subsidiary undertakings, which principally relate to the provision of funding within the Group,
are carried out on an arm’s length basis. Outstanding balances are placed on intercompany accounts with no specified
credit period, are unsecured, and bear market rates of interest.
For full details of transactions and arrangements with easyGroup, easyJet’s largest shareholder, see note 26 of the
Group accounts.
130 easyJet plc Annual report and accounts 2013