EasyJet 2009 Annual Report Download - page 89
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87 easyJet plc Annual report and accounts 2009
Commitments under finance leases
2009
£ million
2008
£ million
Minimum lease payments fall due as follows:
Not later than one year 6.6 6.9
Later than one year and not later than five years 28.7 28.5
Later than five years 92.3 91.4
127.6 126.8
Future finance charges on finance leases (17.7) (24.8)
Carrying value of finance lease liabilities 109.9 102.0
easyJet holds six aircraft under finance leases with ten year initial lease terms. Further details are given in note 15.
27 Contingent liabilities
easyJet is involved in various disputes or litigation in the normal course of business. Whilst the result of such disputes cannot be predicted with certainty,
management considers that the ultimate resolution of these disputes will not have a material effect on easyJet’s financial position, results or cash flows.
At 30 September 2009 easyJet had outstanding letters of credit and performance bonds totalling £29.4 million of which £28.7 million expires on or before
30 September 2010. The fair value of these instruments was approximately equal to their carrying value.