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80 easyJet plc Annual report and accounts 2009
NOTES TO THE ACCOUNTS CONTINUED
22 Reconciliation of net cash flow to movement in net funds / (debt)
1 October
2008
£ million
Exchange
differences
£ million
Loan issue
costs
£ million
Cash flows
£ million
30 September
2009
£ million
Cash and cash equivalents 632.2 11.7 – 144.7 788.6
Money market deposits 230.3 27.0 – 29.0 286.3
862.5 38.7 – 173.7 1,074.9
Bank loans (524.9) (14.0) 1.9 (473.7) (1,010.7)
Finance lease obligations (102.0) (11.5) – 3.6 (109.9)
(626.9) (25.5) 1.9 (470.1) (1,120.6)
Net funds / (debt) (non-GAAP measure) 235.6 13.2 1.9 (296.4) (45.7)
23 Acquisition of GB Airways
On 31 January 2008, easyJet acquired 100% of the share capital of and voting rights in GB Airways. At 30 September 2008 the fair values of assets acquired
and liabilities assumed were determined on a provisional basis. These provisional fair values and subsequent adjustments made are as follows:
Provisional
fair value
£ million
Adjustments
£ million
Fair value
£ million
Landing rights 72.4 – 72.4
Other intangible assets 2.5 – 2.5
Property, plant and equipment 83.4 (0.9) 82.5
Other non-current assets 2.7 – 2.7
Assets held for sale 30.0 – 30.0
Current assets excluding cash and cash equivalents 55.6 – 55.6
Cash and cash equivalents 15.1 – 15.1
Current liabilities, excluding borrowings and overdrafts (91.6) 1.9 (89.7)
Overdrafts (3.7) – (3.7)
Borrowings (59.1) – (59.1)
Deferred tax liabilities (22.0) 0.3 (21.7)
Maintenance provisions (6.1) (6.9) (13.0)
Net assets acquired 79.2 (5.6) 73.6
Goodwill 50.2 5.6 55.8
129.4 – 129.4
Purchase consideration
Initial consideration paid 103.5
Deferred consideration paid 21.6
Direct acquisition costs 4.3
129.4
Cash and cash equivalents acquired (15.1)
Overdrafts acquired 3.7
Net cash outflow 118.0
Adjustments made since 30 September 2008, but within twelve months of the acquisition date, principally relate to maintenance provisions in respect
of leased aircraft. Fair values are now final and no further adjustments may be made.