EasyJet 2011 Annual Report Download - page 98

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Notes to the accounts
Continued
23 Leasing commitments
Commitments under operating leases
Aircraft Other
2011
£ million
2010
£ million
2011
£ million
2010
£ million
Total commitments under non-cancellable
operating leases due:
Not later than one year 101 97 1 2
Later than one year and not later than five years 272 239 2 3
Later than five years 84 50 3 3
457 386 6 8
easyJet holds 64 aircraft (2010: 62 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
2011
£ million
2010
£ million
Minimum lease payments fall due as follows:
Not later than one year 13 10
Later than one year and not later than five years 139 41
Later than five years 105 129
257 180
Future finance charges (36) (25)
221 155
easyJet holds 11 aircraft (2010: 8 aircraft) under finance leases with ten year initial terms. Further details are given
in notes 8 and 14.
24 Contingent liabilities
easyJet is involved in various disputes or litigation in the normal course of business. Whilst the results 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 2011 easyJet had outstanding letters of credit and performance bonds totalling £44 million
(2010: £32 million), of which £41 million (2010: £28 million) expires within one year. The fair value of these
instruments at each year end was negligible.
No amount is recognised on the statement of financial position in respect of any of these financial instruments
as it is not probable that there will be an outflow of resources.
25 Geographical revenue analysis
2011
£ million
2010
£ million
United Kingdom 1,594 1,423
Southern Europe 1,190 1,022
Northern Europe 629 504
Other 39 24
3,452 2,973
Southern Europe comprises countries lying wholly or mainly south of the border between Italy and Switzerland,
plus France.
easyJet’s non-current assets principally comprise its fleet of 140 owned and finance-leased aircraft. A further 64
aircraft are held under operating leases, giving a total fleet of 204 at 30 September 2011. All of these aircraft are
registered in the United Kingdom except for 15 registered in Switzerland. These assets are used flexibly across
the entire route network, and accordingly there is no suitable basis for allocating them to geographic segments.
96
easyJet plc
Annual report
and accounts 2011