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81 easyJet plc Annual report and accounts 2009
To report these adjustments in accordance with the provisions of IFRS 3 “Business Combinations”, the consolidated balance sheet at 30 September 2008
has been restated as follows:
Previously
reported
£ million
Adjustments
£ million
Restated
£ million
Goodwill 359.8 5.6 365.4
Assets held for sale (included on acquisition as property, plant and equipment) 195.8 (0.9) 194.9
Current tax liabilities (75.1) 1.9 (73.2)
Maintenance provisions (current portion) (49.0) (6.9) (55.9)
Deferred tax liabilities (108.1) 0.3 (107.8)
24 Financial instruments
Carrying value and fair value of financial assets and financial liabilities
The fair values of financial assets and liabilities, together with the carrying value at each reporting date are as follows:
Amortised cost Held at fair value
At 30 September 2009
Loans and
receivables
£ million
Financial
liabilities
£ million
Cash flow
hedge
£ million
Held for
trading
£ million
Non-financial
instruments
£ million
Carrying
value
£ million
Fair
value
£ million
Financial assets
Loan notes 12.6 – – – – 12.6 12.9
Restricted cash 72.3 – – – – 72.3 72.3
Other non-current assets 59.6 – – – 3.1 62.7 62.7
Derivative financial assets – – 63.1 12.7 – 75.8 75.8
Trade and other receivables 193.1 – – – 48.7 241.8 241.8
Cash and money market deposits 1,074.9 – – – – 1,074.9 1,074.9
Financial liabilities
Trade and other payables – 338.6 – – 412.1
750.7 750.7
Borrowings – 1,120.6 – – –
1,120.6 1,132.3
Derivative financial liabilities – – 93.7 – – 93.7 93.7
Amortised cost Held at fair value
At 30 September 2008
Loans and
receivables
£ million
Financial
liabilities
£ million
Cash flow
hedge
£ million
Held for
trading
£ million
Non-financial
instruments
£ million
Carrying
value
£ million
Fair
value
£ million
Financial assets
Loan notes 12.0 – – – – 12.0 12.3
Restricted cash 66.2 – – – – 66.2 66.2
Other non-current assets 60.0 – – – 1.1 61.1 61.1
Derivative financial assets – – 116.4 1.4 – 117.8 117.8
Trade and other receivables 187.5 – – – 49.4 236.9 236.9
Cash and money market deposits 862.5 – – – – 862.5 862.5
Financial liabilities
Trade and other payables – 304.1 – – 348.9 653.0 653.0
Borrowings – 626.9 – – – 626.9 627.8
Derivative financial liabilities – – 76.3 – – 76.3 76.3
Fair value calculation methodology
Derivative financial instruments comprise forward contracts and (in the comparative period only) zero cost collars, and are valued based on market rates at
each year end. Where carrying value does not equal fair value, the fair value has been estimated by discounting cash flows at prevailing interest rates and by
applying year end exchange rates. For all other financial instruments fair value approximates to carrying value.
Non-financial instruments represent amounts recognised in the balance sheet for the line items disclosed above that do not meet the definition of a financial
instrument and are disclosed to permit reconciliation of the carrying values of financial instruments to line items presented in the balance sheet.