EasyJet 2012 Annual Report Download - page 87

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14 Borrowings
At 30 September 2012
Current
£ million
Non-current
£ million
Total
£ million
Bank loans 120 632 752
Finance lease obligations 9 196 205
129 828 957
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
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 2011 222
Exchange adjustments (7)
Charged to income statement 61
Utilised (76)
At 30 September 2012 200
Maintenance provisions are analysed as follows:
2012
£ million
2011
£ million
Current 59 45
Non-current 141 177
200 222
The provision for maintenance liabilities is expected to be utilised within eight years.
Accounts & other information
easyJet plc
Annual report and accounts 2012 85