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described in note 1.
Notes to the financial statements
continued
73 easyJet plc
Annual report and accounts 2007
10 Cash, cash equivalents and restricted cash
2007 2006
£million £million
Cash and cash equivalents 719.1 860.7
Current restricted cash 15.9 12.2
Non-current restricted cash 32.9 26.1
767.9 899.0
Interest rates earned on cash and cash equivalents are repriced within 90 days or less based on prevailing market rates of interest.
Interest rates earned on restricted cash are repriced within 185 days or less based on prevailing market rates of interest. Carrying value
is not significantly different from fair value. The overall effective interest rate on cash, cash equivalents, restricted cash and money market
deposits at 30 September 2007 is 5.54% (2006: 4.68%).
Restricted cash comprises:
2007 2006
£million £million
Customer payments for packaged holidays 15.9 12.0
Deposits relating to operating lease arrangements 26.2 24.6
Funds in escrow related to overseas taxation investigations 1.5 1.5
Collateral for debt financing arrangements 5.2 0.2
48.8 38.3
11 Other non-current assets
2007 2006
£million £million
(re-presented)
Recoverable supplemental rent 54.4 51.9
Prepayments 3.7 2.9
58.1 54.8
As explained in the aircraft maintenance provisions accounting policy in note 1, recoverable supplemental rent, which was offset against aircraft
maintenance provisions in prior accounting periods, has been re-presented gross to provide additional information. The effect of this re-presentation
is to increase other non-current assets by £51.9 million.
12 Investments
a) Investment in The Airline Group
In March 2001, easyJet in consortium with six other UK airlines formed The Airline Group Limited in order to acquire a minority interest in
NATS, the company that owns the UK air traffic control system. At 30 September 2001, easyJet’s investment totalled £7.2 million. This comprised
equity of £10,080, loan notes of £6.8 million, bid costs of £0.1 million and accrued interest of £0.3 million. The loan notes are of two classes
bearing interest at fixed rates of 8% and 11%. The blended interest rate is 8.07%.
During the year ended 30 September 2002 the carrying value of the investment was impaired to zero. This impairment was taken due to
uncertainty over the timing of returns to easyJet following the events of 11 September 2001.
On 28 June 2007, NATS reported its results for the year ended 31 March 2007 showing a fourth consecutive year of profits, and announced
that it would recommence paying dividends in July 2007. As a consequence the present value of estimated future cash flows from easyJet’s
investment in the loan notes exceeds their carrying value, and the impairment was reversed in July.
The impairment of the equity investment has not been reversed as its fair value cannot be reliably measured due to significant variability in the
range of reasonable estimates. Accordingly the equity continues to be measured at zero, being cost less impairments booked in prior years.
The impairment reversal relating to prior years comprises:
£million
Reinstatement of original loan notes and acquisition costs 6.9
Interest earned to 30 September 2006 3.7
10.6
The impairment reversal relating to prior years is separately disclosed in the face of the income statement as it is a significant one-off item.
A further £0.6 million of interest earned between October 2006 and July 2007 is included within interest receivable and other financing income.
The loan notes fall within the category of loans and receivables, and their fair value is equal to net book value.
74 easyJet plc
Annual report and accounts 2007
12 Investments (continued)
b) Investments accounted for under the equity method
The Big Orange Handling Company Limited
£million
At 1 October 2006 0.3
Share of profit after tax 0.1
Dividend received (0.1)
At 30 September 2007 0.3
The Big Orange Handling Company Limited is a company owned by Menzies Aviation Limited and the Group. It was set up in January 2004 to
provide ground handling services at London Luton. The Big Orange Handling Company is incorporated in the United Kingdom. The Group owns
26% of the equity and Menzies Aviation Group Limited owns the remainder.
easyJet’s share of the assets, liabilities, income and expenses of The Big Orange Handling Company is:
2007 2006
£million £million
Long-term assets 0.2 0.3
Current assets 0.3 0.2
Current liabilities (0.2) (0.2)
0.3 0.3
Revenue 2.2 2.1
Expenses (2.0) (2.0)
　
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