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operating leases require the Group to make contingent rental payments based on variable interest rates; these are expensed as incurred.
easyJet enters into sale and leaseback transactions whereby it sells to a third party rights to acquire aircraft. On delivery of the aircraft, easyJet
subsequently leases the aircraft back, by way of operating lease. Surpluses arising on disposal, where the price that the aircraft is sold for is
above fair value, are recognised in deferred income and amortised on a straight-line basis over the lease term of the asset. Purchase rights
(being the amount of pre-delivery deposits paid) for aircraft that are expected to be sold and leased back are monetary assets and are
included within trade and other receivables.
64 easyJet plc
Annual report and accounts 2007
1 Accounting policies (continued)
Finance leases, which transfer to easyJet substantially all the risks and benefits incidental to ownership of the leased item, are recognised at
the inception of the lease at the fair value of the leased asset, or, if lower, at the present value of the minimum lease payments. Any directly
attributable costs of entering into financing sale and leasebacks are included in the value of the asset recognised. Lease payments are
apportioned between the finance charges and the reduction of the lease liability so as to achieve a constant rate of interest on the remaining
balance of the liability. Finance charges are included in interest payable and other financing charges.
Aircraft maintenance provisions
The accounting for the cost of providing major airframe and certain engine maintenance checks for owned and finance leased aircraft is
described in the accounting policy for property, plant and equipment.
easyJet has contractual obligations to maintain aircraft held under operating leases. Provisions to meet the cost of these obligations are charged
to the income statement calculated by reference to the number of hours or cycles operated, based on the estimated future costs of major
airframe, certain engine maintenance checks and costs incurred at the end of each lease. These costs are discounted to present value where
the amount of the discount is considered material.
A number of leases also require easyJet to pay supplemental rent to the lessor. Payments may be either a fixed monthly sum up to a cap or are
based on usage. The purpose of these payments is to provide the lessor with collateral should an aircraft be returned in a condition that does
not meet the requirements of the lease. Supplemental rent is either refunded when qualifying heavy maintenance is performed, or is offset
against the costs incurred at the end of the lease. Where the amount of supplemental rent paid exceeds the estimated amount recoverable
from the lessor, provision is made for the non-recoverable amount.
Re-presentation
In previous accounting periods, recoverable supplemental rent was offset against the related maintenance provisions as this properly reflects
the commercial substance of the agreement with the lessor. To provide additional information, recoverable supplemental rent is now reported
gross within either current or non-current assets according to when the refund is expected to be received. Comparative figures for other
non-current assets, trade and other receivables and maintenance provisions have been adjusted accordingly.
Property, plant and equipment
Property, plant and equipment is stated at cost, less accumulated depreciation. Depreciation is calculated to write off the cost, less estimated
residual value, of assets, on a straight-line basis over their expected useful lives to the Group. Expected useful lives are reviewed annually.
Period of depreciation
Aircraft 23 years
Aircraft improvements 3-7 years
Aircraft – prepaid maintenance 3-10 years
Aircraft spares 14 years
Leasehold improvements 5-10 years or the length of lease
Fixtures, fittings and equipment 3 years or length of lease of property where equipment is used
Computer hardware 5 years
During the year the expected useful life of aircraft spares has been extended from 10 to 14 years and of computer hardware from three to
five years.
Items of property, plant and equipment held under finance leases are depreciated over the shorter of the lease term and their expected useful
lives, as shown above.
Residual values, where applicable, are reviewed annually against prevailing market rates at the balance sheet date for equivalently aged assets
and depreciation rates adjusted accordingly on a prospective basis. The carrying value is reviewed for impairment if events or changes in
circumstances indicate that the carrying value may not be recoverable.
An element of the cost of a new aircraft is attributed on acquisition to prepaid maintenance and is amortised over a period ranging from
　
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本文鏈接地址：EasyJet-2007-年報(44)