EasyJet 2014 Annual Report Download - page 27

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www.easyJet.com 25
Strategic report
CASH FLOWS AND FINANCIAL POSITION
Summary consolidated statement of cash flows
2014
£ million
2013
£ million
Change
£ million
Net cash generated from operating activities (excluding dividends and tax) 798 766 32
Ordinary dividends paid (133) (85) (48)
Special dividends paid (175) – (175)
Tax paid (96) (65) (31)
Net capital expenditure (445) (416) (29)
Net loan and lease finance (repayment)/drawdown (112) 33 (145)
Net (increase)/decrease in money market deposits (338) 41 (379)
Net (increase)/decrease in restricted cash (20) 148 (168)
Purchase of own shares for employee share schemes (57) (26) (31)
Other (including the effect of exchange rates) (11) (28) 17
Net (decrease)/increase in cash and cash equivalents (589) 368 (957)
Cash and cash equivalents at beginning of year 1,013 645 368
Cash and cash equivalents at end of year 424 1,013 (589)
Money market deposits at end of year 561 224 337
Cash and money market deposits at end of year 985 1,237 (252)
easyJet generated strong operating cash flow during the 2014 financial year, at a level similar to the prior year, which
benefited from improved credit card settlement terms.
Net capital expenditure includes the acquisition of nine aircraft (2013: ten aircraft), the purchase of life-limited parts
used in engine restoration and pre-delivery payments relating to aircraft purchases. An additional 35 aircraft were ordered
during the 2014 financial year for delivery between 2015 and 2018.
Summary consolidated statement of financial position
2014
£ million
2013
£ million
Change
£ million
Goodwill 365 365 –
Property, plant and equipment 2,542 2,280 262
Derivative financial instruments (21) (71) 50
Net working capital (989) (980) (9)
Restricted cash 32 12 20
Net cash 422 558 (136)
Current and deferred taxation (239) (202) (37)
Other non-current assets and liabilities 60 55 5
2,172 2,017 155
Opening shareholders’ equity 2,017 1,794
Profit for the year 450 398
Ordinary dividends paid (133) (85)
Special dividends paid (175) –
Change in hedging reserve 38 (97)
Other movements (net) (25) 7
2,172 2,017