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Amounts paid by “no-show” customers are recognised as revenue in the period in which the booked service is provided as such customers are
not generally entitled to change flights or seek refunds once a flight has departed.
Notes to the financial statements
63 easyJet plc
Annual report and accounts 2007
Financial instruments
Financial assets and financial liabilities are recognised when easyJet becomes a party to the contractual provisions of the relevant instrument and
derecognised when it ceases to be a party to such provisions.
Non-derivative financial assets are classified as loans and receivables, cash and cash equivalents, deposits maturing in between three months and
one year, or deposits maturing in greater than one year.
Cash and cash equivalents includes cash in hand and deposits repayable on demand or maturing within three months of inception, less any
overdrafts repayable on demand.
Restricted cash comprises cash deposits which have restrictions governing their use, all of which expire in more than three months from
inception of the deposit. Classification of restricted cash as a current or non-current asset is based on the remaining length of the restriction
governing its use.
Loans and receivables are initially recorded at fair value of net proceeds, and subsequently at amortised cost which is based on the effective
interest rate method.
Investments in equity instruments are carried at cost where fair value cannot be reliably measured due to significant variability in the range of
reasonable fair value estimates.
Non-derivative financial liabilities are initially recorded at fair value of net proceeds, and subsequently at amortised cost which is based on the
effective interest rate method. The carrying value of borrowings includes unamortised issue costs.
Derivative financial instruments are used by easyJet to hedge its exposure to movements in currency exchange rates and jet fuel prices, as well
as for translation protection of balance sheet assets and liabilities.
Derivative financial assets and liabilities are stated at fair value. All derivatives to which hedge accounting is applied are designated as cash
flow hedges. Changes to fair values are recognised directly in equity, to the extent that they are effective, with the ineffective portion being
recognised in the income statement. Where the hedged item results in a non financial asset, the accumulated gains and losses previously
recognised in equity are included in the initial carrying value of the asset. Otherwise accumulated gains and losses are recognised in the income
statement in the same period in which the hedged item affects the income statement.
Hedge accounting is discontinued when a hedging instrument is derecognised (e.g. through expiry or disposal), or no longer qualifies for hedge
accounting. Where the hedged item is a highly probable forecast transaction, the related gains and losses remain in equity until the transaction
takes place, when they are removed from equity and recognised in the income statement.
When a hedged future transaction is no longer expected to occur, any related gains and losses previously recognised in equity are immediately
recognised in the income statement.
Where derivatives have been entered into for translation protection of balance sheet assets and liabilities, hedge accounting is not applied.
Movements in fair values of these instruments are taken to the income statement in the month that they occur, to set off gains and losses
resulting from the retranslation of foreign currency denominated assets and liabilities.
Where market values are not available, the fair value of financial assets and liabilities is calculated by discounting cash flows at prevailing interest
rates and by applying year end exchange rates.
The Group’s exposure to financial risks and its strategies for managing those risks are discussed in the treasury management section of the
financial review.
Foreign currencies
The primary economic environment in which an easyJet subsidiary operates determines its functional currency. The functional currency of
easyJet plc is considered to be Sterling. Certain subsidiaries have operations that are primarily influenced by a currency other than Sterling.
Exchange differences arising on the translation of these foreign operations are taken to reserves until all or part of the interest is sold, when
the relevant portion of the exchange is recognised in income. Under IFRS 1, exchange differences arising prior to 1 October 2004 are deemed
to be nil. Profits and losses of foreign operations are translated into Sterling at average rates of exchange during the year.
Transactions arising in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and
　
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