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Money market deposits 193.4 – 193.4
Borrowings (519.1) (479.7) (39.4)
Other non-current liabilities (264.1) (236.7) (27.4)
Net assets 1,152.4 982.9 169.5
Share capital and premium 738.7 694.0 44.7
Reserves 413.7 288.9 124.8
1,152.4 982.9 169.5
*Recoverable supplemental rent which was offset against aircraft maintenance provisions in prior accounting periods has been re-presented gross to provide
additional information. There is no effect on net assets or profit of this reclassification.
Financial review
continued
18 easyJet plc
Annual report and accounts 2007
Summary cash flow
2007 2006 Change
£million £million £million
Cash generated from operations 270.8 225.2 45.6
Net capital expenditure (272.1) (314.3) 42.2
Net increase in loan finance 69.1 278.4 (209.3)
Net increase in money market deposits (197.3) – (197.3)
Other (12.1) 4.4 (16.5)
(Decrease)/increase in cash and cash equivalents (141.6) 193.7 (335.3)
Cash and cash equivalents at beginning of year 860.7 667.0 193.7
Cash and cash equivalents at end of year 719.1 860.7 141.6
We continue to generate strong annual cash flow
and our cashflow from operations increased 20.2% to
£270.8 million. Our cash was principally used to invest
in aircraft. Out of 20 additional aircraft delivered in the
year seven were mortgage financed and ten were cash
acquired. In total 13 aircraft were owned outright at
30 September 2007.
Of the 49 Airbus aircraft to be delivered through
to 2009 11 have committed financing in place at
30 September 2007 (2006: 18 of 53). The Group has
commenced a process for arranging further financing
of future deliveries and this is expected to be
concluded by December 2007.
Investment in the fleet and information technology will
continue in 2008 and is expected to total approximately
£280 million.
Principal risks and uncertainties
This section describes the principal risks and
uncertainties which may affect easyJet’s business
and financial results and prospects.
Demand for air travel
easyJet is dependent on the demand for European
air travel and its business can be affected by macro
issues outside its control, such as global (or even local)
economic conditions, the continued acceptance of
the low cost model, and the willingness of potential
customers to fly. Changes in any of these will affect
the demand for our services and could have a material
effect on the financial results of the business.
Competition
easyJet operates in competitive marketplaces against
both flag carriers and other low cost airlines (some
of which are owned by flag carriers). An increase in
competition from any of these sources could result
in an adverse effect on easyJet’s performance.
Terrorism/catastrophic loss
The attacks and attempted terrorist attacks on the
aviation industry of 11 September 2001 in the United
States and 10 August 2006 in the UK show that
easyJet’s business is exposed to potential terrorist
attacks, even if easyJet is not a direct target and even
if an attack is not successful. easyJet’s business can be
affected in a number of ways, including loss of key
national infrastructure (which may have a knock
on effect), loss of restricted access to the airport
infrastructure which easyJet uses, increased security
costs, potential restriction or removal of insurance
cover, and a reduction in the propensity of customers
to fly. Any one of these issues could have a material
adverse effect on the business.
Fleet grounding
easyJet operates only two types of aircraft, the Boeing
737-700 and the Airbus A319. Were there an accident
or discovered defect on these aircraft types, even if
related to another airline elsewhere in the world, this
could result in some or all of easyJet’s aircraft fleet
being grounded for an indeterminable period of time.
19 easyJet plc
Annual report and accounts 2007
Outbreak of epidemics or pandemics
An outbreak of a contagious disease such as avian
influenza could affect the propensity of passengers
to travel, or in extreme circumstances could affect
easyJet’s ability to continue to operate its planned
schedule. These could have a material adverse impact
on the business.
Government or EU taxes may be imposed
Air passenger and other taxes are levied by some
European countries. Due to the low fares charged by
easyJet, these taxes can form a significant proportion
of the total fare paid by a passenger. These taxes could
increase in the future. Furthermore, there has been
　
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