EasyJet 2010 Annual Report Download - page 89

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Overview Business review Governance Accounts Other information
easyJet plc
Annual report and accounts 2010
87
24 Leasing commitments
Commitments under operating leases
Aircraft Other assets
2010
£ million
2009
£ million
2010
£ million
2009
£ million
Total commitments under non-cancellable operating leases due:
Not later than one year 97.3 101.0 2.0 2.3
Later than one year and not later than five years 238.5 223.0 3.0 3.7
Later than five years 50.4 37.9 3.1 3.5
386.2 361.9 8.1 9.5
easyJet holds 62 aircraft (2009: 68 aircraft) under operating leases, with initial lease terms ranging from seven to ten years. easyJet is
contractually obliged to carry out maintenance on these aircraft, and the cost of this is provided based on the number of flying hours
and cycles operated. Further details are given in the critical accounting policies section of note 1.
Commitments under finance leases
2010
£ million
2009
£ million
Minimum lease payments fall due as follows:
Not later than one year 9.4 6.6
Later than one year and not later than five years 41.2 28.7
Later than five years 129.4 92.3
180.0 127.6
Future finance charges on finance leases (25.0) (17.7)
Carrying value of finance lease liabilities 155.0 109.9
easyJet holds eight aircraft under finance leases with ten year initial lease terms. Further details are given in note 15.