EasyJet 2015 Annual Report Download - page 111

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Strategic report Governance Accounts
107
www.easyJet.com
Restricted cash comprises:
2015
£ million 2014
£ million
Pledged as collateral to third parties:
Security deposits – 23
Aircraft operating lease deposits 12 9
13. Trade and other payables
2015
£ million
2014
£ million
Trade payables 101 134
Accruals 310 299
Leased aircraft – surplus on sale and leaseback 12 13
Taxes and social security 16 20
Other payables 56 57
495 523
14. Borrowings
Current
£ million
Non-current
£ million
Total
£ million
At 30 September 2015
Bank loans 88 228 316
Finance lease obligations 94 94 188
182 322 504
Current
£ million
Non-current
£ million
Total
£ million
At 30 September 2014
Bank loans 78 299 377
Finance lease obligations 13 173 186
91 472 563
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 22.
On 10 February 2015 easyJet signed a $500 million revolving credit facility with a minimum five-year term. As at 16 November 2015 no amounts
had been drawn down under this facility.
15. Non-current deferred income
The balance principally comprises the non-current surplus 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 seven years.
16. Provisions for liabilities and charges
Maintenance
provisions
£ million
Other
provisions
£ million
Total
£ million
At 1 October 2014 226 15 241
Exchange adjustments 10 – 10
Charged to income statement 45 37 82
Transferred from property, plant and equipment (48) – (48)
Utilised (28) (31) (59)
At 30 September 2015 205 21 226
Amounts transferred from property, plant and equipment relate to aircraft life-limited parts used in engine restoration in the year.