EasyJet 2014 Annual Report Download - page 119
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Accounts & other information
www.easyJet.com 117
Restricted cash comprises:
2014
£ million
2013
£ million
Pledged as collateral to third parties:
Security deposits 23 –
Aircraft operating lease deposits 9 12
14 Trade and other payables
2014
£ million
2013
£ million
Trade payables 134 117
Unearned revenue 572 547
Accruals 309 336
Leased aircraft – surplus on sale and leaseback 13 15
Taxes and social security 20 14
Other payables 62 64
1,110 1,093
15 Borrowings
At 30 September 2014
Current
£ million
Non-current
£ million
Total
£ million
Bank loans
78 299 377
Finance lease obligations
13 173 186
91 472 563
At 30 September 2013
Current
£ million
Non-current
£ million
Total
£ million
Bank loans
78 406 484
Finance lease obligations 9 186 195
87 592 679
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 required 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 23.
16 Non-current deferred income
Deferred income principally comprises the non-current surplus of sales 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 nine years.
17 Maintenance provisions
£ million
At 1 October 2013 252
Exchange adjustments (3)
Charged to income statement 52
Transferred from property, plant and equipment (55)
Utilised (20)
At 30 September 2014 226
Amounts transferred from property, plant and equipment relate to aircraft life-limited parts used in engine restoration in the year.