EasyJet 2015 Annual Report Download - page 120

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116 easyJet plc Annual report and accounts 2015
Notes to the accounts continued
23. Leasing commitments continued
Commitments under finance leases
2015
£ million 2014
£ million
Present value of minimum lease payments fall due as follows:
Not later than one year 98 15
Later than one year and not later than five years 62 114
Later than five years 44 76
204 205
Future finance charges (16) (19)
188 186
easyJet holds 11 aircraft (2014: 11 aircraft) under finance leases with ten year initial terms. Further details are given in notes 9 and 14.
24. Contingent liabilities
easyJet is involved in a number of disputes and litigation which arose in the normal course of business. The likely outcome of these disputes
and litigation cannot be predicted, and in complex cases reliable estimates of any potential obligation may not be possible.
Having reviewed the information currently available, management considers that the ultimate resolution of these disputes and litigation
is unlikely to have a material adverse effect on easyJet’s results, cash flows or financial position.
At 30 September 2015 easyJet had outstanding letters of credit and performance bonds totalling £44 million (2014: £39 million), of
which £33 million (2014: £34 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
2015
£ million 2014
£ million
United Kingdom 2,205 2,077
Southern Europe 1,456 1,471
Northern Europe 950 906
Other 75 73
4,686 4,527
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 163 owned and 11 finance leased aircraft. A further 67 aircraft are held under
operating leases, giving a total fleet of 241 at 30 September 2015 (2014: 226). All of these aircraft are registered in the United Kingdom
except for 24 (2014: 23) 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.