EasyJet 2009 Annual Report Download - page 74

Download and view the complete annual report

Please find page 74 of the 2009 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 96

  • 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

72 easyJet plc Annual report and accounts 2009
NOTES TO THE ACCOUNTS CONTINUED
8 Property, plant and equipment (continued)
Aircraft
£ million
Leasehold
improvements
£ million
Other
£ million
Total
£ million
Cost
At 1 October 2007 987.8 12.2 22.4 1,022.4
Acquisition of GB Airways (restated – note 23) 82.5 – – 82.5
Additions 319.5 0.3 4.2 324.0
Transfer to assets held for sale (restated – note 23) (211.3) – – (211.3)
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
At 30 September 2009, easyJet is contractually committed to the acquisition of 74 (2008: 109) Airbus A320 family aircraft with a total list price of
US$3.4 billion (2008: US$5.1 billion) before escalations and discounts, for delivery in the period to October 2013.
The net book value of aircraft at 30 September 2009 includes £148.5 million (2008: £188.1 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 2009 was £71.1 million (2008: £74.5 million). £3.4 million of the related
accumulated depreciation was charged in the year ended 30 September 2009 (2008: £3.3 million).
At 30 September 2009, aircraft with a net book value of £984.5 million (2008: £610.9 million) were mortgaged to lenders as loan security.
9 Loan notes
In 2001, easyJet in consortium with six other UK airlines formed The Airline Group Limited in order to acquire a minority interest in NATS, the company
that owns the UK air traffic control system. easyJet’s investment is principally in the form of unsecured loan notes bearing interest at a fixed rate of 8%.
Interest receivable is settled by the issue of additional loan notes. Redemption is governed by a priority agreement among the consortium members.
2009
£ million
2008
£ million
At 1 October 12.0 11.1
Interest receivable converted to loan notes 0.9 0.9
Redemption of loan notes (0.3) –
At 30 September 12.6 12.0
10 Other non-current assets
2009
£ million
2008
£ million
Recoverable supplemental rent on leased aircraft (pledged as collateral) 57.3 54.2
Deposits held by aircraft lessors 2.3 3.6
Other 3.1 3.3
62.7 61.1
Supplementary rent is pledged to lessors to provide collateral should an aircraft be returned in a condition that does not meet the requirements of the lease
and is refunded when qualifying heavy maintenance is performed, or is offset against the costs incurred at the end of the lease.