EasyJet 2008 Annual Report Download - page 61

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easyJet plc
Annual report and accounts 2008
Notes to the
financial statements
continued
8 Property, plant and equipment
Leasehold Fixtures
Aircraft improvements and fittings Total
£million £million £million £million
Cost
At 1 October 2007 987.8 12.2 22.4 1,022.4
Acquisition of GB Airways (note 22) 83.4 – – 83.4
Additions 319.5 0.3 4.2 324.0
Transfer to assets held for sale (212.2) – – (212.2)
Disposals (0.7) – – (0.7)
At 30 September 2008 1,177.8 12.5 26.6 1,216.9
Depreciation
At 1 October 2007 68.2 5.6 12.8 86.6
Charge for the year 41.6 0.8 2.0 44.4
Transfer to assets held for sale (16.4) – – (16.4)
Disposals (0.3) – – (0.3)
At 30 September 2008 93.1 6.4 14.8 114.3
Net book value
At 30 September 2008 1,084.7 6.1 11.8 1,102.6
At 1 October 2007 919.6 6.6 9.6 935.8
Leasehold Fixtures
Aircraft improvements and fittings Total
£million £million £million £million
Cost
At 1 October 2006 729.3 6.9 15.9 752.1
Additions 264.0 5.3 6.5 275.8
Disposals (5.5) – – (5.5)
At 30 September 2007 987.8 12.2 22.4 1,022.4
Depreciation
At 1 October 2006 39.8 4.9 11.7 56.4
Charge for the year 31.5 0.7 1.1 33.3
Disposals (3.1) – – (3.1)
At 30 September 2007 68.2 5.6 12.8 86.6
Net book value
At 30 September 2007 919.6 6.6 9.6 935.8
At 1 October 2006 689.5 2.0 4.2 695.7
At 30 September 2008, easyJet is contractually committed to the acquisition of 109 (2007: 120) Airbus A320 family aircraft with a total list price of
$5.1 billion (2007: $5.3 billion) before escalations and discounts. 25 orders were converted from A319 to A320 during the current year with a consequent
increase in financial commitments.
The net book value of aircraft at 30 September 2008 includes £188.1 million (2007: £116.0 million) relating to advance and option payments
for future delivery of aircraft. This amount is not depreciated.
The net book value of aircraft held under finance leases at 30 September 2008 was £74.5 million (2007: £77.8 million). £3.3 million of the related
accumulated depreciation was charged in the year ended 30 September 2008 (2007: £3.3 million).
At 30 September 2008, aircraft with a net book value of £610.9 million (2007: £517.5 million) were mortgaged to lenders as loan security.
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