EasyJet 2008 Annual Report Download - page 69

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easyJet plc
Annual report and accounts 2008
Notes to the
financial statements
continued
The amounts recognised in the current and prior years are as follows:
2008 2007
£million £million
Option price – paid by option holder 6.9 16.5
Spread – paid by employing subsidiary 0.3 28.2
7.2 44.7
The hedging reserve comprises the effective portion of the cumulative net change in fair value of cash flow hedging instruments relating to highly probable
transactions that are forecast to occur after year end.
21 Reconciliation of net profit to net cash inflow from operating activities
2008 2007
£million £million
Cash generated from operations
Profit for the year 83.2 152.3
Adjustments for:
Tax charge 27.0 49.6
Depreciation charge 44.4 33.3
Profit on disposal of property, plant and equipment (0.1) (0.9)
Amortisation of other intangibles 2.5 0.9
Reversal of prior year impairment losses on financial assets –(10.6)
Interest income (48.9) (53.0)
Interest expense 34.0 35.4
Share-based payments 4.2 7.5
Share of profit of associates –(0.1)
Derivative financial instruments – time value 2.6 (4.5)
Unrealised foreign exchange differences (4.4) (15.4)
Changes in working capital:
Decrease in trade and other receivables 8.7 6.0
Increase in trade and other payables 112.9 51.9
Increase/(decrease) in provisions 49.8 (0.2)
Increase in other non-current assets (0.3) (3.8)
(Increase)/decrease in derivative financial instruments (5.3) 0.4
(Decrease)/increase in other non-current liabilities (18.0) 12.0
292.3 260.8
67
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