EasyJet 2008 Annual Report Download - page 64

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13 Cash and money market deposits
2008 2007
£million £million
Cash and cash equivalents (original maturity less than three months) 632.2 719.1
Money market deposits (original maturity over three months) 230.3 193.4
Current restricted cash 23.3 15.9
Non-current restricted cash 42.9 32.9
928.7 961.3
Interest rates on money market deposits and restricted cash are repriced within 185 days based on prevailing market rates of interest.
Carrying value is not significantly different from fair value.
Restricted cash comprises:
2008 2007
£million £million
Customer payments for packaged holidays 23.3 15.9
Pledged as collateral to third-parties:
Aircraft operating lease deposits 37.2 26.2
Funds in escrow related to overseas taxation 1.7 1.5
Aircraft mortgage collateral 4.0 5.2
66.2 48.8
14 Trade and other payables
2008 2007
£million £million
Trade payables 77.5 39.6
Other taxes and social security 10.2 5.6
Other creditors 41.8 24.2
Unearned revenue (including related Air Passenger Duty) 286.2 205.6
Accruals and deferred income 237.3 186.7
653.0 461.7
15 Borrowings
2008 2007
£million £million
Bank loans 524.9 427.5
Finance lease obligations 102.0 91.6
626.9 519.1
Current portion 56.7 40.5
Non-current portion 570.2 478.6
626.9 519.1
Bank loans, which bear interest at variable rates linked to LIBOR, were drawn down to finance the acquisition of aircraft that have been mortgaged
to the lender to provide security.
Finance lease obligations relate to aircraft and bear interest partly at fixed rates and partly at variable rates linked to LIBOR.
The maturity profile of borrowings is set out in note 24.
easyJet plc
Annual report and accounts 2008
Notes to the
financial statements
continued
62