EasyJet 2010 Annual Report Download - page 77

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Overview Business review Governance Accounts Other information
easyJet plc
Annual report and accounts 2010
75
Restricted cash comprises:
2010
£ million
2009
£ million
Customer payments for packaged holidays 18.0 23.4
Pledged as collateral to third parties:
Aircraft operating lease deposits 29.7 44.4
Other 7.9 4.5
55.6 72.3
14 Trade and other payables
2010
£ million
2009
£ million
Trade payables 79.2 99.2
Unearned revenue 356.5 324.3
Accruals and deferred income 328.2 255.8
Other taxes and social security 9.2 7.8
Other creditors 55.6 63.6
828.7 750.7
15 Borrowings
At 30 September 2010
Current
£ million
Non-current
£ million
Total
£ million
Bank loans 121.8 935.2 1,057.0
Finance lease obligations 5.6 149.4 155.0
127.4 1,084.6 1,212.0
At 30 September 2009
Current
£ million
Non-current
£ million
Total
£ million
Bank loans 113.8 896.9 1,010.7
Finance lease obligations 3.8 106.1 109.9
117.6 1,003.0 1,120.6
Bank loans, which bear interest at variable rates linked to LIBOR, were drawn down to finance the acquisition of aircraft that have been
mortgaged to the lender to provide security. None of the agreements contain financial covenants to be met.
Finance lease obligations relate to aircraft and bear interest partly at fixed rates and partly at variable rates linked to LIBOR.
The maturity profile of borrowings is set out in note 23.
16 Non-current deferred income
Deferred income principally comprises the non-current excess of sale proceeds over fair value of aircraft that have been sold and leased
back under operating leases. This balance will be realised in the income statement over the next eight years.