EasyJet 2011 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. The Company’s profit for the year was £16 million (2010: £24 million).
Included in this amount are dividends received of £3 million (2010: £20 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 2011 (30 September 2010: seven). 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:
2011
£ million
2010
£ million
At 1 October 271 66
Investment in subsidiaries – 200
Capital contributions to subsidiaries 6 5
Capital distributions made by subsidiaries (6) –
At 30 September 271 271
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 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.
easyJet plc
Annual report
and accounts 2011
GovernanceCorporate responsibility
Business review Performance and risk
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101