EasyJet 2012 Annual Report Download - page 98

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Accounts & other information
Notes to the accounts
continued
23 Leasing commitments
Commitments under operating leases
Aircraft Other
2012
£ million
2011
£ million
2012
£ million
2011
£ million
Total commitments under non-cancellable operating leases due:
Not later than one year 85 101 2 1
Later than one year and not later than five years 214 272 2 2
Later than five years 51 84 2 3
350 457 6 6
easyJet holds 55 aircraft (2011: 64 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
2012
£ million
2011
£ million
Minimum lease payments fall due as follows:
Not later than one year 14 13
Later than one year and not later than five years 129 139
Later than five years 93 105
236 257
Future finance charges (31) (36)
205 221
easyJet holds 11 aircraft (2011: 11 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 2012 easyJet had outstanding letters of credit and performance bonds totalling £37 million (2011: £44 million),
of which £34 million (2011: £41 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
2012
£ million
2011
£ million
United Kingdom 1,761 1,594
Southern Europe 1,310 1,190
Northern Europe 738 629
Other 45 39
3,854 3,452
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 159 owned and finance leased aircraft. A further 55 aircraft are held under
operating leases, giving a total fleet of 214 at 30 September 2012. All of these aircraft are registered in the United Kingdom except for
21 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.
easyJet plc
Annual report and accounts 2012
96