EasyJet 2011 Annual Report Download - page 87

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14 Borrowings
At 30 September 2011
Current
£ million
Non-current
£ million
Total
£ million
Bank loans 146 933 1,079
Finance lease obligations 9 212 221
155 1,145 1,300
At 30 September 2010
Current
£ million
Non-current
£ million
Total
£ million
Bank loans 122 935 1,057
Finance lease obligations 5 150 155
127 1,085 1,212
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 22.
15 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.
16 Maintenance provisions
£ million
At 1 October 2010 215
Exchange adjustments (1)
Charged to income statement 52
Related to aircraft sold and leased back 21
Utilised (65)
At 30 September 2011 222
Maintenance provisions are analysed as follows:
2011
£ million
2010
£ million
Current 45 71
Non-current 177 144
222 215
The provision for maintenance liabilities is expected to be utilised within eight years.
easyJet plc
Annual report
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