EasyJet 2013 Annual Report Download - page 114

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 easyJet plc Annual report and accounts 2013
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Notes to the accounts continued
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In 2001, easyJet in consortium with six other UK airlines formed The Airline Group Limited in order to acquire a non-controlling
interest in NATS, the company that owns the UK air traffic control system. easyJet’s investment is principally in the form of
unsecured loan notes bearing interest at a fixed rate of 8%. Interest receivable is settled by the issue of additional loan notes.
Redemption is governed by a priority agreement among the consortium members.

PLOOLRQ
2012
£ million
At 1 October  11
Interest receivable converted to loan notes  1
Redemption of loan notes  (2)
$W6HSWHPEHU  10
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
PLOOLRQ
2012
£ million
Deferred consideration and deposits held by aircraft lessors  17
Leased aircraft – shortfall on sale and leaseback  –
Recoverable supplemental rent (pledged as collateral)  36
Other  4
 57
Supplemental rent is pledged to lessors to provide collateral should an aircraft be returned in a condition that does not
meet the requirements of the lease and is refunded when qualifying heavy maintenance is performed, or is offset against
the costs incurred at the end of the lease.
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
PLOOLRQ
2012
£ million
Trade receivables  124
Less provision for impairment  (4)
 120
Prepayments and accrued income  82
Leased aircraft – shortfall on sale and leaseback  –
Recoverable supplemental rent (pledged as collateral) ± 6
Other receivables  33
 241
The following amounts of trade and other receivables are past due but not impaired:

PLOOLRQ
2012
£ million
Up to three months past due  52
Over three months past due  1
 53
With respect to trade receivables that are neither impaired nor past due, there are no indications at the reporting date
that the payment obligations will not be met. Amounts due from trade receivables are short-term in nature and largely
comprise credit card receivables due from financial institutions with credit ratings of at least A and, accordingly, the
possibility of significant default is considered to be unlikely.
112 easyJet plc Annual report and accounts 2013