EasyJet 2014 Annual Report Download - page 95

Download and view the complete annual report

Please find page 95 of the 2014 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 140

  • 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
  • 137
  • 138
  • 139
  • 140

www.easyJet.com 93
Governance
Independent auditors’ report to the members of easyJet plc
REPORT ON THE ACCOUNTS
Our opinion
In our opinion:
• easyJet plc’s Group accounts and Company accounts
(together the “accounts”) give a true and fair view of
the state of the Group’s and of the Company’s affairs
as at 30 September 2014 and of the Group’s profit and
the Group’s and the Company’s cash flows for the year
then ended;
• the Group accounts have been properly prepared in
accordance with International Financial Reporting
Standards (“IFRSs”) as adopted by the European Union;
• the Company accounts have been properly prepared
in accordance with IFRSs as adopted by the European
Union and as applied in accordance with the provisions
of the Companies Act 2006; and
• the accounts have been prepared in accordance with
the requirements of the Companies Act 2006 and,
as regards the Group accounts, Article 4 of the
IAS Regulation.
Materiality
• Overall group materiality: £29 million which represents 5% of profit
before tax.
Audit scope
• The Group operates through the Company and its four trading
subsidiaries; the Group accounts are a consolidation of these entities.
• The accounting for these entities and the Group consolidation is
largely centralised in the UK.
• Our audit scope comprises an audit of the Company and the complete
financial information of the trading subsidiaries.
Areas of focus:
• Aircraft maintenance provisions.
• Treasury operations.
• Accruals.
• Goodwill and landing rights impairment assessment.
Materiality
Audit scope
Areas of
focus
What we have audited
easyJet plc’s accounts comprise:
• the Group consolidated and Company statements
of financial position as at 30 September 2014;
• the Group consolidated income statement and
consolidated statement of comprehensive income
for the year then ended;
• the Group consolidated and Company statements
of cash flows for the year then ended;
• the Group consolidated and Company statements
of changes in equity for the year then ended; and
• the notes to the accounts, which include a summary
of significant accounting policies and other
explanatory information.
The financial reporting framework that has been applied
in the preparation of the accounts is applicable law and
IFRSs as adopted by the European Union and, as regards
the Company accounts, as applied in accordance with
the provisions of the Companies Act 2006.
Our audit approach
Overview