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"value": "1. ACCOUNTING POLICIES, JUDGEMENTS AND ESTIMATES Statement of compliance easyJet plc (the \u2018Company\u2019) and its subsidiaries (\u2018easyJet\u2019 or the \u2018Group\u2019 as applicable) is a low-cost airline carrier operating principally in Europe. The Company is a public limited company (company number 03959649), incorporated and domiciled in the United Kingdom, whose shares are listed on the London Stock Exchange under the ticker symbol EZJ. The address of its registered office is Hangar 89, London Luton Airport, Luton, Bedfordshire, LU2 9PF, England. The consolidated financial statements of easyJet plc have been prepared in accordance with UK- adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. Basis of preparation The financial statements are prepared based on the historical cost convention except for certain financial assets and liabilities, including derivative financial instruments, financial guarantees, equity investments, and certain contingent liabilities and commitments, which are measured at fair value. easyJet\u2019s business activities, together with factors likely to affect its future development and performance, are described in the strategic report on pages 2 to 70. Principal risks and uncertainties are described on pages 61 to 66. Note 26 to the financial statements sets out the Group\u2019s objectives, policies and procedures for managing its capital and gives details of the risks related to financial instruments held by the Group. The financial statements have been prepared on a going concern basis. In adopting the going concern basis for preparing these financial statements, the Directors have considered easyJet\u2019s business activities, together with factors likely to affect its future development and performance, as well as easyJet\u2019s principal risks and uncertainties through to June 2025. As at 30 September 2023, easyJet had a net cash position of \u00a341 million including cash and cash equivalents of \u00a32.9 billion, with unrestricted access to \u00a34.7 billion of liquidity, and has retained ownership of 54% of the total fleet, all of which are unencumbered. The Directors have reviewed the financial forecasts and funding requirements with consideration given to the potential impact of severe but plausible risks. easyJet has modelled a base case representing management\u2019s best estimation of how the business plans to perform over the period. The future impact of climate change on the business has been incorporated into strategic plans, including the estimated financial impact within the base case cash flow projections of the future estimated price of Emissions Trading System (ETS) allowances, the phasing out of the free ETS allowances from 2024, and the expected price and quantity required of Sustainable Aviation Fuel (SAF) usage and fleet renewals. The business is exposed to fluctuations in fuel prices and foreign exchange rates. easyJet is currently c.76% hedged for fuel in H1 of FY24 at c.$867 per metric tonne, c.51% hedged for H2 FY24 at c.$823 and c.25% hedged for H1 FY25 at c.$832. In modelling the impact of severe but plausible downside risks, the Directors have considered demand suppression leading to a reduction in ticket yield of 5% and a reduction in Holidays contribution of 5%. The model also includes the reoccurrence of additional disruption costs (at FY22 levels), an additional $50 per metric tonne on the fuel price, 1.5% additional operating cost inflation and an adverse movement on the US dollar rate. These impacts have been modelled across the whole going concern period. In addition, this downside model also includes a grounding of 25% of the fleet for the duration of the peak trading month of August, to cover the range of severe but plausible risks that could result in significant operational disruption. This downside scenario resulted in a significant reduction in liquidity but still maintained sufficient headroom on external liquidity requirements. The Directors also considered a separate downside model that included the operational disruption and adverse US dollar rate but, instead of the yield reduction, modelled increased costs (additional 3% inflation assumed on operating costs) and an additional $100 per metric tonne on the fuel price compared to the base case. This scenario was not as severe and as such still resulted in sufficient headroom. It was not deemed plausible to combine yield reduction and the higher cost and fuel increases based on an analysis of historical information across the airline industry. After reviewing the current liquidity position, committed funding facilities, the base case and severe but plausible downside financial forecasts incorporating the uncertainties described above, the Directors have a reasonable expectation that the Group has sufficient resources to continue in operation for the foreseeable future. For these reasons, the Directors continue to adopt the going concern basis of accounting in preparing the Group\u2019s financial statements. The use of critical accounting estimates and management judgement is required in applying relevant accounting policies to the Group\u2019s consolidated financial statements. Areas involving a higher degree of judgement, or where assumptions and estimates are significant to the financial statements and carry estimation risk, are highlighted on pages 156 and 157. Climate change In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the climate change risks identified in the Sustainability section of the strategic report, the Group\u2019s stated target of net zero carbon emissions by 2050, and our commitment to reducing our carbon emissions intensity by 35% by 2035. These targets and risks have been considered in relation to the financial reporting judgements and estimates in the current year and these have not materially impacted the conclusions reached including; > the estimates of future cash flows used in impairment assessments of the carrying value of non-current assets; > the estimates of future profitability used in our assessment of the recoverability of deferred tax assets in the UK; and > the useful economic lives (UELs) and related residual values for our less fuel-efficient aircraft. Known climate-related impacts are incorporated into the Group\u2019s short term and medium term cashflows including the fleet planning, the purchase of next-generation aircraft, fuel-saving initiatives and costs associated with carbon, i.e., updated mandates for the phase out of ETS allowances by 2026 and the expected price and quantity required of SAF usage. Climate change is not expected to have any significant impact on demand or further impact on the Group\u2019s short term cash flows considered in the going concern and viability assessments. Additional identified climate based risks and the impact of these in the absence of actions taken by easyJet to manage the transition are considered in the stress testing for impairment and viability. In particular the impact of a reduction in demand due to investor/market sentiment and increased costs due to changes in technology, regulatory and legal requirements have been considered. 1A. SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies applied in the preparation of the consolidated financial statements are summarised below. Unless otherwise stated they have been applied consistently to both years presented. The explanations of these policies focus on areas where judgement is applied or which are particularly significant in the financial statements. Basis of consolidation The consolidated financial statements incorporate those of easyJet plc and its subsidiaries for the years ended 30 September 2022 and 2023. A full list of subsidiaries can be found in the Notes to the Company financial statements on page 191. A subsidiary is an entity controlled by easyJet plc. Control is achieved when easyJet is exposed to, or has rights to, variable returns from its involvement with the investee and has the ability to affect those returns through its power, directly or indirectly, over the investee. Intragroup balances, transactions, and any unrealised gains and losses arising from intragroup transactions are eliminated in preparing the consolidated financial statements. Foreign currencies The primary economic environment in which a subsidiary operates determines its functional currency. The consolidated financial statements of easyJet are presented in sterling, rounded to the nearest \u00a3 million, which is the Company\u2019s functional currency and the Group\u2019s presentation currency. Transactions arising in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the rate of exchange ruling at the end of a reporting period and (except where the asset or liability is designated as a cash flow hedge) the gains or losses on translation are included in the income statement. Non-monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at foreign exchange rates ruling at the dates the transactions were effected. 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 the translation reserve within shareholders\u2019 equity until all or part of the interest is disposed of, when the relevant portion of the accumulated exchange gains or losses is recognised in the income statement. Profits and losses of foreign operations are translated into sterling at average monthly rates of exchange during the year, as this approximates the rates on the dates of the transactions. Change in presentation Presentation of easyJet holidays The presentation of the consolidated income statement has been amended in order to provide more relevant information to the users of the financial statements, reflecting the increasing significance of the Holidays operating segment. Holidays revenues have historically been presented within \u2018Ancillary revenue\u2019, whilst associated costs have been presented within the \u2018Airports, ground handling, holidays accommodation, and other operating costs\u2019 line. Ancillary revenue has now been split into ancillary revenue attributable to airline passengers and Holidays incremental revenue, which is the revenue from holidays\u2019 customers net of flight revenue; the passenger revenue and airline ancillary revenue attributable to holidays\u2019 customers being included in the passenger revenue and airlines ancillary revenue lines respectively. Additionally, a new cost line \u2018Holidays direct operating costs\u2019 is shown which includes costs specific to the Holidays business such as accommodation costs and airport transfers. The prior year has been presented on a consistent basis, which has resulted in the re-presentation of the consolidated income statement as below. Year ended 30 September 2022 (Previously reported) (Re-presented) Headline \u00a3 million Non- headline (note 5) \u00a3 million Total \u00a3 million Headline \u00a3 million Non- headline (note 5) \u00a3 million Total \u00a3 million Revenue Passenger revenue 3,816 \u2013 3,816 3,816 \u2013 3,816 Airline ancillary \u2013 \u2013 \u2013 1,585 \u2013 1,585 Holidays incremental revenue \u2013 \u2013 \u2013 368 \u2013 368 Ancillary revenue 1,953 \u2013 1,953 1,953 \u2013 1,953 Tota l revenue 5,769 \u2013 5,769 5,769 \u2013 5,769 Expenditure Airports and ground handling \u2013 \u2013 \u2013 (1,443) \u2013 (1,443) Airports, ground handling, holidays accommodation, and other operating costs (1,716) \u2013 (1,716) \u2013 \u2013 \u2013 Holidays direct operating costs (excluding flights) \u2013 \u2013 \u2013 (273) \u2013 (273) Tota l (1,716) \u2013 (1,716) (1,716) \u2013 (1,716) Presentation of the liability for compensation for airline customer delays and cancellations In previous reporting periods easyJet has classified the liability for compensation and reimbursements for airline customers arising from flight delays and cancellations as a provision. In response to a ruling by the International Financial Reporting Interpretations Committee (IFRIC) that compensation for delays gives rise to variable consideration, this liability has been re-presented from provisions for liabilities and charges to liabilities within trade and other payables. This impacts both the statement of financial position and the accompanying notes to the financial statements. The prior year statement of financial position has been re-presented as described below, the impact on accompanying notes is described in those notes. Specifically, for note 19, as a result of this re-presentation, the provision for holidays\u2019 customer compensation for quality issues, personal injury and illness, and the provision for refunds of air passenger duty and similar charges have been re-presented as \u2018Other provisions\u2019. As at 30 September 2022 Previously reported \u00a3 million Re-presented \u00a3 million Current liabilities Trade and other payables (1,685) (1,759) Provisions for liabilities and charges (176) (102) Remaining other current liabilities (1,817) (1,817) (3,678) (3,678) The value of the liability for the year ending 30 September 2021 was not material and therefore the 1 October 2021 opening balance in the relevant comparative notes has not been re-presented. Impairment of non-financial assets easyJet has identified two separate cash-generating units (CGUs) which are two separate groups of assets generating largely independent cash flows, these being easyJet\u2019s airline route network and its Holidays business. All goodwill, landing rights, current intangible assets, associated working capital balances, aircraft and aircraft spares belong to the Airline CGU which is tested annually for impairment or when there is an indication of impairment. A single value in use (VIU) calculation is performed in order to assess the recoverability of the assets. The Holidays CGU includes other intangible assets, which are subject to amortisation and working capital associated to the Holidays segment. The CGU is tested for impairment annually or when there is an indication of impairment. A further description of the calculation of the VIU and current year outcome and sensitivities for the Airline CGU is given in note 10. Goodwill and other intangible assets Goodwill arising on acquisition has been recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over easyJet\u2019s interest in the net fair value of the identifiable assets acquired and the liabilities assumed. Goodwill is stated at cost less any accumulated impairment losses. It has an indefinite expected useful life and is tested for impairment as part of the Airline CGU on an annual basis or when there is an indication of impairment. Landing rights are stated at cost less any accumulated impairment losses. They are considered to have an indefinite useful life as they remain available for use for the foreseeable future provided minimum utilisation requirements are observed. Landing rights form part of the Airline CGU and are therefore tested for impairment at least annually or when there is an indication of impairment. Landing rights with a carrying value that have no further VIU and have been surrendered for nil value are de-recognised and a loss on disposal recognised in the income statement at the point of surrender. When assessing for impairment or reassessing UELs, easyJet considers potential significant future changes including in relation to market, technological, economic and legal developments. The potential future impacts of climate change have been incorporated by including the estimated financial impact within cash flow projections of the future estimated price of ETS allowances, and the expected price and quantity required of SAF usage. Additional risks associated with climate change have also been stress tested, including sensitivities of SAF usage and ETS costs, additional legal and technology costs, reduced demand and increased cost of maintenance and replacement aircraft. Computer software is stated at cost and is amortised from the point at which the asset is ready for use on a straight-line basis over the asset\u2019s UEL. UELs are reviewed annually. Expected useful life Computer software 3\u20137 years Annual licence agreements to use Cloud software are expensed and treated as a service agreement. Perpetual licences to use Cloud software are capitalised if easyJet has both a contractual right to the software and the ability to run the software independently of the host vendor, but are otherwise expensed. Customisation and configuration costs related to the implementation of Cloud-based applications are expensed unless the activity creates an asset that is separate and identifiable from the software. EU ETS, CH ETS and UK ETS carbon allowances easyJet participates in the EU ETS, CH (Swiss) ETS and UK ETS schemes. Participants are required to purchase and surrender ETS carbon allowances to cover their annual carbon emissions from flying. The surrender process takes place ahead of the compliance deadline of 30 April each year in respect of the preceding calendar year. A proportion of allowances are issued for free and are recognised at fair value, being the market value on the date they are received, with a corresponding liability recognised simultaneously. Purchased allowances are recognised at the purchase price. Both free and purchased carbon allowances are held as current intangible assets and are not subsequently revalued as they are held for own use. As part of the annual surrender process free allowances will be surrendered first with purchased allowances then surrendered on a first in, first out (FIFO) basis. The income statement expense (included in fuel costs), recognised throughout the year as the liability is incurred through flying, is based on a weighted average cost of the free and purchased allowances estimated to be surrendered (on the FIFO basis described above) as part of the annual surrender process. A corresponding liability of the same value is also recognised. As such, for any financial year, three months of the related expense will be known having already been surrendered, with nine months of the expense subject to a degree of estimation. Where insufficient allowances are held in easyJet\u2019s registry at the financial year end, when compared with the expected calendar year surrender, the remainder of the income statement expense is estimated using the market price of allowances as at the financial year end date. Both the related asset and liability are extinguished only at the point when the allowances are surrendered. These current intangible assets form part of the Airline CGU and are reviewed for impairment annually or when there is an indication of impairment within the Airline CGU. Carbon offsetting and Verified Emission Reductions Up until 31 December 2022, easyJet operated a voluntary policy to offset every tonne of carbon and carbon equivalents emitted from fuel used for all its flights. This was done through purchasing Verified Emission Reduction (VERs) certificates arising from Gold Standard or Verified Carbon Standard (VCS) accredited projects. The Voluntary Offsetting Policy was retired in September 2022 but VER assets remain on the consolidated statement of financial position to offset the estimated emissions from flights booked up to and including 31 December 2022 and with a departure date after 30 September 2023. The value of these assets is immaterial, and they will be retired in financial year 2024. No contractual commitments remain for the purchase of VERs. easyJet continues to hold on the consolidated statement of financial position a number of VERs that were purchased under contractual obligations and are surplus to the certificates required to meet the remaining obligation for flights booked up to 31 December 2022. These certificates are being actively marketed for sale, but are held on the consolidated statement of financial position at purchase price. The value is not material. When sold, any excess of sale value over the purchase price value held on the consolidated statement of financial position will be recognised in other income. Additionally, easyJet has an obligation under French law to offset CO 2 emissions incurred for French domestic flights. No carbon certificates have yet been purchased for the obligation; the liability for the certificates required to be purchased is not material and is recognised on the consolidated statement of financial position under trade and other payables. Property, plant and equipment Property, plant and equipment (PPE) 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 UELs. UELs and residual values are reviewed annually. Expected useful life Aircraft 1 18\u201323 years 2, 3 Aircraft spares 18 years Aircraft \u2013 prepaid maintenance 7\u201310 years Leasehold improvements 5\u201310 years or the length of lease if shorter Freehold land Not depreciated Fixtures, fittings and equipment 4 3 years or length of lease of property where equipment is used if shorter Computer hardware 4 3\u20135 years 1) Aircraft held as right of use assets are depreciated over the lease term; see leases section. Contractual capital maintenance associated with leased aircraft is charged as depreciation to the income statement as the usage that defines the maintenance event occurs. 2) easyJet operate a fleet of Airbus ceo and neo aircraft. The newer neo aircraft have a UEL of 23 years. Aligning to the longer-term plan for ceo aircraft, and the ambition to replace these over time with the more fuel efficient neo aircraft as part of easyJet\u2019s net zero commitment, ceo aircraft have a shorter UEL of 18 years. 3) Aircraft are depreciated once in the location and condition necessary to be capable of operating in the manner intended by management. 4) Other assets within note 11. Residual values are reviewed annually, at the end of the reporting period, against prevailing market rates for assets of an equivalent age, and the depreciation applied is adjusted accordingly on a prospective basis. The carrying value of PPE assets is part of the Airline CGU and is therefore reviewed for impairment at least annually or when there is any indication of impairment within the CGU. For aircraft, easyJet is dependent on Airbus as its sole supplier. This gives rise to an increased valuation risk, which crystallises when aircraft exit the fleet, where easyJet is reliant on the future demand for second-hand aircraft and specifically Airbus aircraft. Future developments, such as the impact of climate change on the market, technological, economic or legal environment, are considered when assessing residual values and UELs. An element of the cost of a new aircraft is attributed on acquisition to prepaid maintenance, reflecting the \u2018full-life\u2019 maintenance status of key components of the aircraft at the point of transition of ownership. This cost is depreciated over a period of between seven to ten years from the date of manufacture, in accordance with the maintenance schedule for the aircraft. Subsequent costs incurred which lend enhancement to future periods, such as long-term scheduled maintenance and major overhaul of aircraft and engines, are capitalised at the time of the event and depreciated over the length of the period benefiting from these enhancements. All other maintenance costs for owned aircraft are charged to the income statement as incurred. Pre-delivery payments made in respect of aircraft are recorded in PPE at cost. These amounts are not depreciated. A proportion of easyJet\u2019s financing costs have been attributed to pre-delivery payments, made in respect of aircraft and other qualifying assets under construction. These are capitalised and added to the cost of the asset concerned. Pre-delivery payments are depreciated from the point at which the aircraft to which they relate is received and ready for commercial use. Gains and losses on disposals (other than aircraft-related sale and leaseback transactions) are determined by comparing the net proceeds with the carrying amount of the asset and are recognised in the income statement. Freehold land is recorded at cost and not depreciated as it is considered to have an indefinite useful life. Leases When a contractual arrangement contains a lease, easyJet recognises a lease liability and a corresponding right of use asset at the commencement of the lease. At the commencement date the lease liability is measured at the present value of the future lease payments, discounted using the Group\u2019s incremental borrowing rate where the interest rate in the lease is not readily determined. Lease payments include fixed payments and variable payments which are dependent on an index or rate. Where an index or rate is used this is initially measured using the index or rate at commencement. Subsequently, the lease liability is adjusted by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made, and remeasuring the carrying amount to reflect any reassessment or lease modifications. The lease term is determined from the commencement date of the lease and the duration of the non-cancellable term. If easyJet has an extension option, which it considers it is reasonably certain to exercise, then the lease term will be considered to extend beyond that non-cancellable period to the end of the extension period available. Where easyJet has previously assessed that there is no intention to exercise an extension option but subsequently opts to exercise the option, then a modification would be carried out. If easyJet has a termination option, which it considers it is reasonably certain to exercise, then the lease term will be accounted for until the point when the termination option will take effect. At the commencement date the right of use asset is measured at an amount equal to the lease liability plus any lease payments made before the commencement date and any initial direct costs, less any lease incentive payments. An estimate of costs to be incurred in restoring an asset before return to the lessor, in accordance with the terms of the lease, is also included in the right of use asset at initial recognition. Subsequently, for leased aircraft, the right of use asset attracts maintenance work in accordance with the contractual obligations of the lease, and a provision for the maintenance work is built up as the aircraft is flown, with the offset being against the right of use asset. The maintenance asset created is immediately fully depreciated as the liability is incurred as the aircraft is flown. Adjustment is also made to the right of use asset to reflect any remeasurement of the corresponding lease liability. The right of use assets form part of the Airline CGU and are therefore subject to review for impairment annually or when there is an indication of impairment within the Airline CGU. Short-term leases less than 12 months in length and low-value leases are not recognised as lease liabilities and right of use assets but are recognised as an expense on a straight-line basis over the lease term. In the consolidated statement of cash flows, payments for the interest element of recognised lease liabilities are included in interest and other financing charges paid within cash flows from operating activities. Payments for the principal element of recognised lease liabilities are presented within cash flows from financing activities. easyJet periodically enters into sale and leaseback transactions whereby it sells either new or mid-life aircraft or engines to a third-party and immediately leases them back. Where the transaction is judged to reflect the aircraft\u2019s fair value, any gain or loss arising on disposal is recognised in the income statement, to the extent that it relates to the rights that have been transferred. Gains and losses that relate to the rights that have been retained are included in the carrying amount of the right of use asset recognised at commencement of the lease. If sale proceeds received were determined to not be at the aircraft\u2019s fair value, any below market terms would be recognised as a prepayment of lease payments, and above market terms recognised as additional financing provided by the lessor. Gains on sale and leaseback transactions are recognised in other income, with losses on sale and leaseback transactions recognised in other costs. Proceeds received for the sale of the fair value of the asset are recognised in the statement of cash flows within investing activities as it relates to property, plant and equipment. Other non-current assets Other non-current assets include both general lease deposits, as stipulated in lease agreements, as well as mid-life aircraft delivery assets for maintenance obligations incurred on mid-life aircraft before easyJet acquired the aircraft. The payments and receivables are recorded within current and non-current assets as applicable, pending reimbursement or receipt in accordance with contract specific terms. Management assess the recoverability of these assets on an annual basis through consideration of the credit position of the debtors and other relevant inputs. Under the general approach to assess impairment of financial assets, easyJet recognises a loss allowance equal to the 12 month expected credit losses. Financial guarantees Financial guarantees are initially measured at fair value and subsequently at the higher of the initial fair value or the amount of the loss allowance determined by an expected credit loss calculation. A loss allowance is calculated where easyJet is jointly and severally liable for financial guarantee contracts. This is calculated based on the probability-weighted estimate of cash shortfalls to reimburse the holder for a credit loss that it incurs and based on the agreements which may exist between any co-guarantors. Tax Tax expense in the income statement consists of current and deferred tax. Tax is recognised in the income statement except when it relates to items credited or charged directly to other comprehensive income or shareholders\u2019 equity, in which case it is recognised in other comprehensive income or shareholders\u2019 equity. The charge for current tax is based on the results for the year as adjusted for income that is exempt and expenses that are not deductible, using tax rates that are applicable to the taxable income. Deferred tax is provided in full on temporary differences relating to the carrying amount of assets and liabilities, where it is probable that the recovery or settlement will result in an obligation to pay more, or a right to pay less, tax in the future, with the following exceptions: > where the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither taxable income nor accounting profit; and > deferred tax arising on investments in subsidiaries is not recognised where easyJet is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the periods in which recovery of assets and settlement of liabilities are expected to take place, based on tax rates or laws enacted or substantively enacted at the date of the statement of financial position. Deferred tax assets represent amounts considered recoverable in future periods in respect of deductible temporary differences, losses and tax credits carried forward. Deferred tax assets are recognised to the extent that these are estimated to be fully recoverable against the unwind of taxable temporary differences and future taxable income. Deferred tax liabilities represent the amount of income taxes payable in future periods in respect of taxable temporary differences. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and it is the intention to settle these on a net basis. Provisions Provisions are recognised when a present legal or constructive obligation arises as a result of a past event, it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation. Amounts provided for represent the best estimate of the consideration required to settle the present obligation at the statement of financial position date, taking into account all related risks and uncertainties. Restructuring Provisions for restructuring arise principally in relation to network optimisation and head office reviews. Provisions for restructuring programmes are made when easyJet has a demonstrable commitment to a restructuring programme, for example through an announcement made to the impacted employees. Restructuring provisions are measured based on the expected outcome of consultations with impacted employees. Where specific individuals at risk have not been identified, estimations are based on information available such as average payroll data, employee age and length of service. Maintenance easyJet incurs liabilities for maintenance and restoration costs in respect of leased aircraft during the term of the lease. These arise from legal and constructive contractual obligations relating to the condition of the aircraft when it is returned to the lessor or when heavy maintenance events are expected to occur during the period of the lease. Contractual maintenance obligations arising from the ongoing use of the aircraft are provided for over the term of the lease based on the estimated future costs of the maintenance events, or forecast penalty charges, discounted to present value. The provision is built as the aircraft are flown, and recognised against the right of use asset, where it is immediately fully depreciated as the flying hours that determine the provision have taken place. The restoration cost obligation is described in the lease section. Other Other provisions include amounts in respect of onerous contracts, compensation for quality issues and personal injury and illness for Holidays\u2019 customers, the provision for refunds of air passenger duty and similar charges, and potential liabilities for employee related matters and litigation which arise in the normal course of business. Onerous contracts are recognised at the first indication that a loss is anticipated, and the provision based on the expected economic outflow arising from the contracts. Employee benefits easyJet contributes to defined contribution pension schemes for the benefit of employees. The assets of the schemes are held separately from those of easyJet in independently administered funds. easyJet\u2019s contributions are charged to the income statement in the year in which they are incurred. easyJet has no further payment obligations once the contributions have been paid for defined contribution schemes. See below for the treatment of the defined benefit Swiss pension scheme. The expected cost of compensated annual leave and other employee benefits is recognised at the time that the related employees\u2019 services are provided. Switzerland pension scheme easyJet contributes to an independently administered post-employment fund for employees in Switzerland. The benefit is contribution-based with certain minimum guarantees required by Swiss law to the mandatory part of the benefit. Due to these minimum guarantees, the Swiss pension plan meets IAS 19 Employee Benefits requirements to be treated as a defined benefit plan for the purposes of these consolidated financial statements. The easyJet portion of the current service cost and the net interest cost are charged to the consolidated income statement in the year in which they relate. Actuarial gains and losses are recognised in the consolidated statement of comprehensive income and the consolidated statement of financial position reflects the net surplus or deficit at the reporting date. The actuarial assumptions used to calculate the defined benefit obligation are based on the requirements set out in IAS 19. They are set by management, based on advice from an independent actuary. The defined benefit obligation is calculated using the projected unit credit method. The costs of managing the plan assets are deducted as incurred in determining the return on plan assets and the present value of projected future general administration expenses that are a direct consequence of past service are included as part of the retirement benefit obligation. Share capital and dividend distribution Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company or employee benefit trust purchases the Company\u2019s equity shares, the consideration paid, and any directly attributable incremental costs are deducted from retained earnings until the shares are cancelled or reissued. Proceeds from re-issue are shown as a credit to retained earnings. easyJet settles share awards under the Long Term Incentive Plan, the Save As You Earn scheme, Restricted Share Plan, Share Incentive Plans and Deferred Annual Bonus by purchasing its own shares on the market through employee benefit trusts. The cost of such purchases are deducted from retained earnings in the period that the transaction occurs. Final dividend distributions to the Company\u2019s shareholders are recognised as a liability in the period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid. Share-based payments easyJet has a number of equity-settled share incentive schemes. The fair value of share options granted under the Save As You Earn scheme is measured at the date of grant using the Binomial Lattice option pricing model. The fair value of grants under the Long Term Incentive Plan is measured at the date of grant using the Black\u2013Scholes model for awards based on Return on Capital Employed (ROCE) performance targets, and the Stochastic model (also known as the Monte Carlo model) for awards based on Total Shareholder Return (TSR) performance targets. The fair value of all other awards is the share price at the date of grant. The fair value of the estimated number of options and awards that are expected to vest is expensed to the income statement on a straight-line basis over the period that employees\u2019 services are rendered, with a corresponding increase in shareholders\u2019 equity. Where non-market performance criteria (such as sustainability targets) attached to the share options and awards are not met, any cumulative expense previously recognised is reversed. For awards with market-related performance criteria (such as TSR), an expense is recognised irrespective of whether the market condition is satisfied. The social security obligations payable in connection with the grant of the share options are an integral part of the grant itself and the charge is treated as a cash-settled transaction. A deferred tax balance is recognised based on the intrinsic value of the outstanding options. Financial instruments Financial instruments 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. Financial assets are also derecognised (written-off) when the Group has no reasonable expectation of recovering the financial asset. With the exception of trade receivables that do not contain a significant financing component, financial instruments are initially measured at fair value plus or minus (in the case of a financial asset or financial liability not at fair value through the income statement) directly attributable transaction costs. Trade receivables that do not contain a significant financing component are initially measured at the transaction price. Where market values are not available, the fair value of financial instruments is calculated by discounting expected cash flows at prevailing interest rates and by applying period end exchange rates. The equity investment in The Airline Group Limited is measured at fair value. Movements in fair value are assessed at each reporting period and recorded in other comprehensive income. The fair value is measured using a dividend income model in accordance with IFRS 13 requirements. See note 25 for further details. Non-derivative financial assets Non-derivative financial assets are classified and measured according to easyJet\u2019s business model for managing a specified group of financial assets, and the nature of the contractual cash flows arising from that group of financial assets. Financial assets measured at amortised cost Subsequent to initial recognition, this classification of financial asset is measured at amortised cost using the effective interest rate method. Financial assets are measured at amortised cost when both of the following criteria are met: > the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and > the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amounts outstanding. Financial assets measured at amortised cost include refundable lease deposits and other refundable lease contributions, restricted cash, trade and other receivables, money market deposits, and cash and cash equivalents (excluding money market funds). Restricted cash comprises cash deposits which have restrictions governing their use and is classified as a current or non-current asset based on the estimated remaining length of the restriction. Movements in restricted cash are shown within financing activities in the consolidated statement of cash flows as the movements arise from cash held relating to guarantees. Cash and cash equivalents comprise cash held in bank accounts with no access restrictions and bank term deposits and tri-party repos repayable on demand or maturing within three months of inception. Money market deposits comprise bank term deposits and tri-party repos maturing greater than three months from inception. Financial assets measured at fair value through other comprehensive income On initial recognition, equity investments, excluding interests in associates, are irrevocably designated as measured at fair value through other comprehensive income. Subsequently they are measured at fair value with changes recognised in other comprehensive income with no recycling of these gains and losses. Financial assets measured at fair value through the income statement Financial assets are measured at fair value through the income statement when they do not meet the criteria to be measured at amortised cost or at fair value through other comprehensive income. Subsequent to initial recognition, this classification of financial assets is measured at fair value through the income statement. Financial assets measured at fair value through the income statement compromised of money market funds as at 30 September 2022; no such assets were held on 30 September 2023. Impairment of financial assets At each reporting date easyJet recognises a loss allowance for expected credit losses on financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to be recognised, easyJet applies either the general approach or the simplified approach, depending on the nature of the underlying group of financial assets. General approach \u2013 impairment assessment The general approach is applied to the impairment assessment of refundable lease deposits and other refundable lease contributions, restricted cash, money market deposits and cash and cash equivalents. Under the general approach easyJet recognises a loss allowance for a financial asset at an amount equal to the 12-month expected credit losses calculated using expected future default probabilities, unless the credit risk on the financial asset has increased significantly since initial recognition, in which case a loss allowance is recognised at an amount equal to the lifetime expected credit losses. Simplified approach \u2013 impairment assessment The simplified approach is applied to the impairment assessment of trade and other receivables. Under the simplified approach easyJet recognises a loss allowance for a financial asset at an amount equal to the lifetime expected credit losses using a historical loss probability method. Non-derivative financial liabilities Non-derivative financial liabilities are initially recorded at fair value less directly attributable transaction costs, and subsequently at amortised cost, and include trade and other payables and borrowings. Interest expense on borrowings is recognised using the effective interest method. Borrowings are classified as current liabilities unless there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting period date. Financial liabilities measured at amortised cost Subsequent to initial recognition at cost, this classification of financial liability is measured at amortised cost. Financial liabilities measured at amortised cost include trade and other payables, lease liabilities and borrowings. Derivative financial instruments and hedging activities Derivative financial instruments are measured at fair value through the income statement with the exception of derivative financial instruments that are designated as a hedging instrument in a cash flow hedge relationship. easyJet uses foreign currency forward exchange contracts to hedge foreign currency risks on transactions denominated in US dollars, euros and Swiss francs. These transactions primarily affect revenue, fuel, lease costs, holiday accommodation costs, pre-delivery payments, and the initial carrying value of owned aircraft. easyJet also uses cross-currency interest rate swaps to hedge currency and interest rate risk on certain borrowings, and jet fuel forward swap and option contracts to hedge fuel price risks. easyJet has a small number of euro-denominated lease contracts which result in a committed schedule of euro lease rental payments; these are matched against forecasted euro revenue cash flows to provide a cash flow hedge against the sterling/euro exchange rate. Hedge accounting is applied to those financial instruments that are designated as cash flow hedges or fair value hedges. Fair value hedges Changes in the fair values of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair values of the hedged assets or liabilities that are attributable to the hedged risk. Any difference between the hedge item and hedge instrument fair valuation is recorded as hedge ineffectiveness within the income statement. Fair value changes in the derivative instrument attributable to the currency basis are not designated as part of the hedged instrument. Such fair value changes are recognised through other comprehensive income as cost of hedging and are recycled to the income statement on maturity or in the event of hedge discontinuation, according to the nature of the underlying hedged item. easyJet\u2019s fair value hedges matured in February 2023 and there were therefore no fair value hedges accounted for at year end. Cash flow hedges Gains and losses arising from changes in the fair value of foreign exchange forwards, jet fuel forward swaps, jet fuel options and cross-currency interest rate swap contracts designated as cash flow hedges are recognised in other comprehensive income and deferred in the hedging reserve to the extent that the hedges are determined to be effective. All foreign exchange contracts in a cash flow hedge relationship are designated on a forward basis with the full fair value as the hedge instrument. Jet fuel option contracts in a cash flow hedge relationship are designated using the intrinsic value of the derivative as the hedge instrument only. The time value element of the full fair value for these derivatives is recognised through other comprehensive income as a cost of hedging and recycled to the income statement at the same time as the hedge item also impacts the income statement. Fair value changes in a foreign currency derivative instrument attributable to the currency basis are not designated as part of the hedged instrument. Such fair value changes are recognised through other comprehensive income as a cost of hedging, and are recycled to the income statement on maturity or in the event of hedge discontinuation, according to the nature of the underlying hedged item. When the hedged forecast transaction relates to an item of property, plant and equipment, the relevant accumulated gains and losses are transferred from the hedging reserve and included in the initial carrying amount of that purchased asset. Otherwise they are recognised in the income statement in the same period in which the hedged transaction affects the income statement and against the same line item. In the event that a hedged forecast transaction is no longer expected to occur, any related gains and losses are immediately transferred from the hedging reserve and recognised in the income statement. Derivative instruments that have been derecognised from hedge relationships are classified as fair value through the income statement thereafter with subsequent fair valuation movements being recognised in the income statement. Hedge accounting is discontinued when a hedging instrument is derecognised (e.g. through expiry, disposal or termination of a derivative), or no longer qualifies for hedge accounting. Where the hedged item continues to be expected to occur, the related gains and losses remain deferred in the hedging reserve until the transaction takes place. Hedge relationship The Group determines that the criteria for each hedge accounting relationship are met where: > all relationships demonstrate a strong economic correlation; > the effects of credit do not dominate the change in value of the associated hedged risk; and > all Group hedge relationships have a hedge ratio of one to one, aligning to the Group\u2019s risk management strategy . Revenue recognition easyJet categorises total revenue earned on the face of the income statement between passenger and ancillary revenue, with ancillary revenue further categorised into airline ancillary revenue and holidays incremental revenue. Passenger revenue Passenger revenue arises from the sale of flight seats and is recognised when the performance obligation has been completed, which is when the flight takes place. Revenue recognised is the price paid by the customer for the flight excluding air passenger tax; this includes amounts paid by \u2018no-show\u2019 customers, as such customers are not generally entitled to change flights or seek refunds once a flight has departed. Compensation payments made to customers (in respect of flight delays and cancellations) are offset against revenues recognised up to the amount of the flight, with the excess compensation being recorded within expenses. The liability for compensation payments not yet paid is measured based on known eligible events, passengers impacted, and the best estimate of claim rates which is in part informed by historical claim rates. Airline flights are paid for at the point of booking. Unearned revenue from flights not yet flown is held in the statement of financial position until it is realised in the income statement when the flight takes place. If easyJet cancels a flight, unless a customer immediately rebooks on an alternative flight, at the point of the cancellation the amount paid for the flight is derecognised from unearned revenue and a contract liability is recognised within trade and other payables to refund the customer or provide a voucher or flight transfer if requested. Vouchers issued by easyJet in lieu of refunds are held on the statement of financial position in other payables as a contract liability (see note 16) until they are redeemed against a new booking, at which point they are recognised as unearned revenue. Once vouchers expire or are deemed to have a remote probability of being redeemed for a future booking they will be recognised as revenue. For vouchers issued to customers in countries where regulations stipulate unused vouchers should be refunded to the customer before the expiry of the statutory period, the required refunds have been made. Where customers do not request either a voucher, refund or flight transfer the liability continues to be recognised in other payables, and breakage is applied when the likelihood of the customer exercising their remaining rights to be repaid these amounts is considered remote. Airline ancillary revenue Sale of checked baggage, allocated seating, change fees and other Revenue is measured as the price paid by the customer for the service booked and is recognised at a point in time, which is when the flight takes place. Unearned revenue includes the amount paid for these services and is treated in line with unearned revenue for the sale of flight seats. Partner revenue and in-flight sales Revenue is measured at the value of the commission earned as easyJet is deemed to be the agent and does not control the related services or goods. The key consideration to reach this conclusion is that the partner is deemed to be responsible for inventory risk and fulfilment of the goods and services. The revenue is recognised at a point in time which is when the service takes place. The exception is commission earned from travel insurance, where revenue is recognised at the time of booking as easyJet acts solely as the appointed representative of the insurance company. Cancellation fees Revenue is measured at the amount paid for the cancellation and is recognised evenly at a point in time, when the cancellation requested by the customer is processed. easyJet plus Revenue is measured at the amount paid for the annual membership and is recognised evenly over the membership period. Holidays incremental revenue Package holidays revenue (excluding flights which are recognised as passenger revenue) is measured as the price paid by the customer for the service booked. It is referred to as Holidays incremental revenue in the income statement. The performance obligation is satisfied over time with the revenue recognised evenly across the length of the holiday. This includes amounts paid by \u2018no-show\u2019 customers. Package holiday deposits are paid for at the point of booking. Unearned revenue from the non-flight elements of package holidays for which the customer has paid but the service has not yet taken place, is held in the statement of financial position until it is realised in the income statement when the performance obligation is complete. Package holiday balances due from customers are offset against unearned revenue until paid in full, due 28 days before departure. If easyJet cancels a holiday, and the customer does not elect to rebook or receive a voucher, the price of the holiday (including flights) is refunded to the customer. If the customer elects to receive a voucher, the voucher is held on the statement of financial position in other payables as a contract liability (see note 16) until they are redeemed against a new booking, at which point they are recognised as unearned revenue. Vouchers that expire or are deemed to have a remote probability of being redeemed for a future booking will be recognised as revenue. Operational costs and income Costs and income are presented in the income statement based on the nature of the cost/income as this is most relevant to enable users of the financial statements to understand easyJet\u2019s financial performance. Costs are expensed as incurred either at the point the goods or service is transferred, or over time to reflect when the benefits are received (for example holidays accommodation costs recognised over the period the holiday is taken). Separate financial statement line items are shown for material income and expenses; the other costs and other income lines include items not reported in the separate material line items. Other income includes insurance receipts, supplier compensation payments, rental income and gains on sale of intangible assets. Other costs are expensed as incurred and include disruption costs, IT costs, cost of third-party providers, employee costs for sales, marketing and administration teams, wet lease costs and insurance. Gains/losses on sale and leaseback transactions are recognised as non-headline in other income/other costs as applicable. Finance charge/income Interest payable/receivable and other financing charges/income includes interest expense/income on bank and borrowings which is recognised using the effective interest method, interest on lease liabilities which is recognised using the interest rate implicit in the lease, and fair value movements of derivative financial instruments that are not designated hedging instruments in a cash flow hedge arrangement. Net exchange gains/losses on statement of financial position monetary assets and liabilities are presented as a separate financial statement line item. Within the statement of cash flows, interest paid on bank borrowings and leases is included within net cash generated from/used in operating activities as allowable by IAS 7, and this includes the settlement of the derivatives used to hedge borrowings. In addition, the settlement of derivatives relating to cash flows for ineffective and fair value derivatives through the income statement are also shown within operating activities as they relate to transactions that primarily affect revenue, fuel and lease costs. The amount recognised in settlement of derivatives includes cash flows arising from the maturity of cross- currency interest rate swaps in the period. The settlement of operational hedged derivatives that have already been recycled through the income statement are included in the operating result. SEGMENTAL REPORTING easyJet has two operating segments, being its Airline business, which operates easyJet\u2019s route network, and the Holidays business, which sells holiday packages. The Chief Operating Decision Maker (CODM) has been assessed as being the easyJet plc Board, which receives regular reporting on the Airline and Holidays\u2019 results in order to make resource allocation decisions. Presentation of separate segmental reporting is included in note 8. Geographic revenue is allocated on the following basis: > revenue earned from customers is allocated according to the location of the first departure airport on each booking; and > commission revenue earned from partners is allocated according to the domicile of each partner. Revenue by country of origin has been provided where revenues from external customers attributed to an individual foreign country are material. Passenger revenue recognised within the Airline segment includes intra-segment sales of flights to the Holidays segment. Sales of seats are made between Airline and Holidays on a commercial basis whereas the pricing of hold bags is based on historical average pricing to direct airline customers. Passenger revenue is recognised in the Airline segment when the flight takes place. Government grants Government grants are recognised where there is reasonable assurance that the grant will be received. Loans provided and/or guaranteed by governments that represent market rates of interest are recorded at the amount of the proceeds received and recognised within borrowings. All existing loans are considered to be at market value. Grants that compensate the Group for expenses incurred are recognised in the income statement in the relevant financial statement line on a systematic basis in the periods in which the expenses are recognised to present the net expense to the Group. Alternative performance measures (APMs) A number of APMs are disclosed within the financial statements on pages 142 to 188. In the Directors\u2019 opinion, these APMs provide additional understanding to users of the financial statements in their assessment of underlying performance. Refer to the glossary for a list of APMs disclosed in the financial statements, including definitions and reconciliations to IFRS measures. Included in the income statement is the sub-total EBITDAR which is a measure of earnings before interest, taxes, depreciation, amortisation and aircraft rental. New and revised standards and interpretations A number of amended standards became applicable during the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. The amendments that became applicable for annual reporting periods commencing on or after 1 January 2022, and did not have a material impact were: > Amendments to IFRS 3 \u2013 Business Combinations \u2013 Reference to the conceptual framework > Amendments to IAS 16 \u2013 Property, plant and equipment \u2013 Proceeds before intended use > Amendments to IAS 37 \u2013 Provisions, contingent liabilities and contingent assets \u2013 Onerous contracts: Cost of fulfilling a contract > Annual improvements to IFRS 1, IFRS 9, IAS 41 and illustrative examples accompanying IFRS 16 Leases There are no standards that are issued but not yet effective that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. 1B. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make judgements as to the application of accounting standards to the recognition and presentation of material transactions, assets and liabilities within the Group, and the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Estimations are based on management\u2019s best evaluation of a range of assumptions, however, events or actions may mean that actual results ultimately differ from those estimates, and these differences may be material. The estimates and the underlying assumptions are reviewed regularly. 1B. (I) CRITICAL ACCOUNTING JUDGEMENTS The following are the critical judgements, apart from those involving estimation (which are dealt with separately below), that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised and presented in the financial statements. Classification of income or expenses between headline and non-headline items (note 5) Non-headline items are those where, in management\u2019s opinion, their separate reporting provides an additional understanding to users of the financial statements of easyJet\u2019s underlying trading performance, and which are significant by virtue of their size and/or nature. In considering the categorisation of an item as non-headline, management\u2019s judgement includes, but is not limited to, a consideration of: > whether the item is outside of the principal activities of the easyJet Group (being to provide point-to- point airline services and package holidays); > the specific circumstances which have led to the item arising, including, if extinguishing an item from the statement of financial position, whether that item was first generated via headline or non-headline activity. The rebuttable presumption being that when subsequently extinguishing an item from the statement of financial position, any impact on the income statement should be reflected in the same way as that which was used in the initial creation of the item; > if the item is irregular in nature; and, > whether the item is unusual by virtue of its size. Non-headline items may include impairments, amounts relating to corporate acquisitions and disposals, expenditure on major restructuring programmes and the gain or loss resulting from the initial recognition of sale and leaseback transactions. Consolidation of easyJet Switzerland S.A. Judgement has been applied in consolidating easyJet Switzerland S.A. as a subsidiary on the basis that the Company exercises a dominant influence over the undertaking. A non-controlling interest has not been reflected in the consolidated financial statements on the basis that the holders of the remaining 51% of the shares have no entitlement to any dividends from that holding and the Company has an option to acquire those shares for a predetermined minimal consideration. 1B. (II) CRITICAL ACCOUNTING ESTIMATES The following critical accounting estimates include judgements or complexity and are the major sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year. Owned aircraft carrying values \u2013 \u00a33,846 million (2022: \u00a33,598 million) (note 11) The key estimates used in arriving at aircraft carrying values are the UELs and residual values of the owned aircraft. Aircraft are depreciated over their UEL to their residual values in line with the Property, Plant and Equipment Accounting Policy. The UEL is based on easyJet\u2019s long-term fleet plan and intended utilisation of the current fleet, which include long-term assumptions of market conditions and customer demands, which by their nature are inherently uncertain. Residual value estimates for aircraft are based on independent aircraft valuations. The valuations are based on an assessment of the current and future state of the global marketplace for specific aircraft assets. Should the marketplace for an asset class deteriorate unpredictably, there could be a risk that the recoverable amount for some aircraft assets would fall below their current carrying value or that residual values are subject to downward adjustment. If the market expectation of residual value of the easyJet aircraft varied by +/- 10% this would result in an approximate +/- \u00a37 million impact on annual depreciation rates. Owned and leased aircraft asset recoverable amounts are included in the Airline CGU and are therefore subject to review for impairment annually or when there is an indication of impairment within the Airline CGU. Further details of the impairment testing applied are included in note 10. Aircraft maintenance provisions \u2013 \u00a3753 million (2022: \u00a3636 million) (note 19) easyJet incurs liabilities for maintenance costs arising during the lease term of leased aircraft. These costs arise from legal and constructive contractual obligations relating to the condition of the aircraft when it is returned to the lessor. To discharge these obligations, it is usual for easyJet to carry out at least one heavy maintenance check on each of the engines and the airframe of the aircraft during the lease term. A material provision representing the estimated cost of this obligation is built up over the course of the lease. The estimates and assumptions used in the calculation of the provision are reviewed at least annually, and when information becomes available that is capable of causing a material change to an estimate, such as the renegotiation of end of lease return conditions, increased or decreased aircraft utilisation, or changes in the cost of heavy maintenance services and the expected uplift in future prices. A significant portion of the future maintenance costs and cost increases are under contract and provide certainty to the provision. Where cost increases are not under contract, an estimation of the likely future increases are made in the calculation of the provision. Given the significant value of the provision, the provision is sensitive to changes in the future increase of uncontracted costs. An additional 4% cost uplift on uncontracted costs over the future years used in the provision would result in a \u00a328 million increase in the provision. Additionally, with many maintenance costs incurred in US dollars, the provision remains sensitive to changes in the GBP/USD exchange rate. A significant +/- 10 cent change in the GBP/ USD exchange rate would impact the provision by -\u00a348 million/+\u00a356 million respectively. The rates used to discount the provision to arrive at a present value are based on observable market rates as an estimate of the relevant risk free rate. The provision can also be materially influenced by the maintenance status of aircraft when they enter the easyJet fleet. To give flexibility to the fleet plan easyJet may lease \u2018mid-life\u2019 aircraft. When mid-life aircraft enter the fleet, a \u2018catch-up\u2019 maintenance provision is created to reflect the maintenance obligation for the flying cycles undertaken before the aircraft entered the easyJet fleet. The trigger for such increases to the provision is the lease contract and as such any future mid-life lease events are not reflected in the current provision. It is of note that where contractually agreed a mid-life delivery asset is also created when the mid-life leased aircraft enter the fleet, creating a separate related asset on the statement of financial position. Goodwill and landing rights \u2013 \u00a3520 million (2022: \u00a3523 million) (note 10) It is management\u2019s judgment that there are two separate CGUs which generate largely independent cash flows, these being easyJet\u2019s Airline route network and its Holidays business. The recoverable amount of goodwill and landing rights has been determined based on value in use calculations for the airline route network CGU as they are wholly attributable to it. The value in use is determined by discounting future cash flows to their present value. When applying this method, easyJet relies on a number of key estimates including the ability to meet its strategic plans, future fuel prices and exchange rates, long-term economic growth rates for the principal countries in which it operates, and its pre-tax weighted average cost of capital. Strategic plans include assessments of the future impact of climate change on easyJet to the extent these can be estimated. This includes, for example, the future estimated price of ETS allowances, the phasing out of the free ETS allowances from 2024, the expected price and quantity required of SAF usage and currently estimated fleet renewals. The impact of longer- term climate change risks that are not part of the strategic plans has been considered as part of the stress testing and plausible scenarios modelled. Fuel prices and exchange rates continue to be volatile in nature and the ability to pass these changes on to the customer is a critical judgement that requires estimation. In addition, assumptions over customer demand levels could have a significant effect on the impairment assessment performed. Any future events that would lead to extended travel restrictions or fleet grounding may impact future impairment or useful economic life assessments. The stress testing considered as part of the overall impairment assessment takes into account different assumptions for these key estimates, see note 10 for details. Recoverability of deferred tax assets \u2013 \u00a3442 million (2022: \u00a3443 million) (note 6) The deferred tax asset balances include \u00a3442 million (2022: \u00a3443 million) arising on full recognition of the UK trading tax losses accumulated at the statement of financial position date. The Group has concluded that these deferred tax assets will be fully recoverable against the unwind of taxable temporary differences and future taxable income based on the long-term strategic plans of the Group. Where applicable the financial projections used in assessing future taxable income are consistent with those used elsewhere across the business, for example in the assessment of going concern. These assessments include the expected impact of climate change on easyJet, and the future financial impact within cash flow projections, including the future estimated price of ETS allowances, the phasing out of the free ETS allowances from 2024, the expected price and quantity required of SAF usage and fleet renewals. The tax losses for which a deferred tax asset has been recognised are expected to be utilised within the next six years, assessed by considering probable forecast future taxable income. The probable forecast future taxable income includes the impact of the expected unwind of taxable temporary differences as well as the effect of Full Expensing Relief for qualifying capital expenditure. Probable forecast future taxable income includes an incremental and increasing risk weighting to represent higher levels of uncertainty in future periods. The period over which the loss is utilised has been stress tested by assessing probable future taxable income for the next three years, based on the same risk weightings to those applied above, but assuming no profit growth from the end of a three year forecast period. The resultant reduction in forecast taxable profit calculated on this basis would extend the tax loss utilisation period by one year. The tax losses can be carried forward indefinitely and have no expiry date. In the 22 November 2023 Autumn Statement it was announced that full expensing relief, introduced in the Finance (No.2) Act 2023, for qualifying expenditure incurred from 1 April 2023 to 31 March 2026 will be made permanent. It is not substantively enacted at the statement of financial position date but the Group is assessing the impact it may have on the recoverability of deferred tax assets for subsequent financial years. Defined benefit pension assumptions \u2013 \u00a3152 million gross obligation (2022: \u00a3140 million gross obligation) (note 20) The Swiss pension scheme meets the requirements under IAS 19 to be recognised as a defined benefit pension scheme and the net pension obligation is recognised on the consolidated statement of financial position. The measurement of scheme assets and obligations are calculated by an independent actuary in line with IAS 19. The financial and demographic assumptions used in the calculation are determined by management following consultation with the independent actuary with consideration of external market movements and inputs. The calculation is most sensitive to movements in the discount rate applied, which has been subject to significant volatility. A sensitivity analysis is included in note 20. Liability for compensation payments \u2013 \u00a362 million (2022: \u00a374 million) (note 15) easyJet incurs liabilities for amounts payable to customers who make claims in respect of flight delays and cancellations, for which claims could be made up to six years after the event, and for reimbursement of reasonable expenses incurred as a result of flight delays and cancellations. The key estimation in the liability is the passenger claim rate for compensation payments. The estimation carries a level of uncertainty as it is based on customer behaviour. The basis of the estimates included in the liability are reviewed at least annually and when information becomes available that may result in a material change to the estimate. Should the claim rate for compensation paid to customers increase by 2% across the six- year liability period, it would result in an addition to the year end provision of \u00a315 million. Vouchers issued \u2013 \u00a358 million (2022: \u00a3111 million) (note 16) It is currently easyJet policy in the event of flight cancellations to offer customers the option to accept vouchers in lieu of cash refunds. The liability for these vouchers is classified under other payables until the voucher is redeemed against a future booking, when it is reclassified to unearned revenue. For airline flight vouchers, where the likelihood of the contractual right being exercised is considered to be remote, immaterial breakage has been applied. This has been estimated based on the utilisation rates experienced to date, and these liabilities have been taken to the consolidated income statement as revenue. The breakage was applied in the first half of the financial year ahead of a significant voucher expiry deadline later in the financial year. That deadline was subsequently extended into the next financial year to allow customers the maximum opportunity to utilise their vouchers. Utilisation patterns since this extension do not suggest that the breakage recognition should be reversed. For vouchers issued to customers in countries where regulations stipulate unused vouchers should be refunded to the customer before the expiry of the statutory period, the required refunds have been made. Applying breakage to the balance of the remaining airline flight vouchers at 30 September 2023 at a rate of 10% would result in a reduction in the liability of c.\u00a35 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
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"fact-508": {
"value": "Statement of compliance easyJet plc (the \u2018Company\u2019) and its subsidiaries (\u2018easyJet\u2019 or the \u2018Group\u2019 as applicable) is a low-cost airline carrier operating principally in Europe. The Company is a public limited company (company number 03959649), incorporated and domiciled in the United Kingdom, whose shares are listed on the London Stock Exchange under the ticker symbol EZJ. The address of its registered office is Hangar 89, London Luton Airport, Luton, Bedfordshire, LU2 9PF, England. The consolidated financial statements of easyJet plc have been prepared in accordance with UK- adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-447": {
"value": "Statement of compliance easyJet plc (the \u2018Company\u2019) and its subsidiaries (\u2018easyJet\u2019 or the \u2018Group\u2019 as applicable) is a low-cost airline carrier operating principally in Europe. The Company is a public limited company (company number 03959649), incorporated and domiciled in the United Kingdom, whose shares are listed on the London Stock Exchange under the ticker symbol EZJ. The address of its registered office is Hangar 89, London Luton Airport, Luton, Bedfordshire, LU2 9PF, England. The consolidated financial statements of easyJet plc have been prepared in accordance with UK- adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-6": {
"value": "easyJet plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-442": {
"value": "easyJet plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-445": {
"value": "easyJet plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-7": {
"value": "a low-cost airline carrier operating principally in Europe",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-8": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-9": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-443": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-444": {
"value": "Hangar 89, London Luton Airport, Luton, Bedfordshire, LU2 9PF, England",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-10": {
"value": "Hangar 89, London Luton Airport, Luton, Bedfordshire, LU2 9PF, England",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-448": {
"value": "Basis of preparation The financial statements are prepared based on the historical cost convention except for certain financial assets and liabilities, including derivative financial instruments, financial guarantees, equity investments, and certain contingent liabilities and commitments, which are measured at fair value. easyJet\u2019s business activities, together with factors likely to affect its future development and performance, are described in the strategic report on pages 2 to 70. Principal risks and uncertainties are described on pages 61 to 66. Note 26 to the financial statements sets out the Group\u2019s objectives, policies and procedures for managing its capital and gives details of the risks related to financial instruments held by the Group. The financial statements have been prepared on a going concern basis. In adopting the going concern basis for preparing these financial statements, the Directors have considered easyJet\u2019s business activities, together with factors likely to affect its future development and performance, as well as easyJet\u2019s principal risks and uncertainties through to June 2025. As at 30 September 2023, easyJet had a net cash position of \u00a341 million including cash and cash equivalents of \u00a32.9 billion, with unrestricted access to \u00a34.7 billion of liquidity, and has retained ownership of 54% of the total fleet, all of which are unencumbered. The Directors have reviewed the financial forecasts and funding requirements with consideration given to the potential impact of severe but plausible risks. easyJet has modelled a base case representing management\u2019s best estimation of how the business plans to perform over the period. The future impact of climate change on the business has been incorporated into strategic plans, including the estimated financial impact within the base case cash flow projections of the future estimated price of Emissions Trading System (ETS) allowances, the phasing out of the free ETS allowances from 2024, and the expected price and quantity required of Sustainable Aviation Fuel (SAF) usage and fleet renewals. The business is exposed to fluctuations in fuel prices and foreign exchange rates. easyJet is currently c.76% hedged for fuel in H1 of FY24 at c.$867 per metric tonne, c.51% hedged for H2 FY24 at c.$823 and c.25% hedged for H1 FY25 at c.$832. In modelling the impact of severe but plausible downside risks, the Directors have considered demand suppression leading to a reduction in ticket yield of 5% and a reduction in Holidays contribution of 5%. The model also includes the reoccurrence of additional disruption costs (at FY22 levels), an additional $50 per metric tonne on the fuel price, 1.5% additional operating cost inflation and an adverse movement on the US dollar rate. These impacts have been modelled across the whole going concern period. In addition, this downside model also includes a grounding of 25% of the fleet for the duration of the peak trading month of August, to cover the range of severe but plausible risks that could result in significant operational disruption. This downside scenario resulted in a significant reduction in liquidity but still maintained sufficient headroom on external liquidity requirements. The Directors also considered a separate downside model that included the operational disruption and adverse US dollar rate but, instead of the yield reduction, modelled increased costs (additional 3% inflation assumed on operating costs) and an additional $100 per metric tonne on the fuel price compared to the base case. This scenario was not as severe and as such still resulted in sufficient headroom. It was not deemed plausible to combine yield reduction and the higher cost and fuel increases based on an analysis of historical information across the airline industry. After reviewing the current liquidity position, committed funding facilities, the base case and severe but plausible downside financial forecasts incorporating the uncertainties described above, the Directors have a reasonable expectation that the Group has sufficient resources to continue in operation for the foreseeable future. For these reasons, the Directors continue to adopt the going concern basis of accounting in preparing the Group\u2019s financial statements. The use of critical accounting estimates and management judgement is required in applying relevant accounting policies to the Group\u2019s consolidated financial statements. Areas involving a higher degree of judgement, or where assumptions and estimates are significant to the financial statements and carry estimation risk, are highlighted on pages 156 and 157. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-449": {
"value": "Climate change In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the climate change risks identified in the Sustainability section of the strategic report, the Group\u2019s stated target of net zero carbon emissions by 2050, and our commitment to reducing our carbon emissions intensity by 35% by 2035. These targets and risks have been considered in relation to the financial reporting judgements and estimates in the current year and these have not materially impacted the conclusions reached including; > the estimates of future cash flows used in impairment assessments of the carrying value of non-current assets; > the estimates of future profitability used in our assessment of the recoverability of deferred tax assets in the UK; and > the useful economic lives (UELs) and related residual values for our less fuel-efficient aircraft. Known climate-related impacts are incorporated into the Group\u2019s short term and medium term cashflows including the fleet planning, the purchase of next-generation aircraft, fuel-saving initiatives and costs associated with carbon, i.e., updated mandates for the phase out of ETS allowances by 2026 and the expected price and quantity required of SAF usage. Climate change is not expected to have any significant impact on demand or further impact on the Group\u2019s short term cash flows considered in the going concern and viability assessments. Additional identified climate based risks and the impact of these in the absence of actions taken by easyJet to manage the transition are considered in the stress testing for impairment and viability. In particular the impact of a reduction in demand due to investor/market sentiment and increased costs due to changes in technology, regulatory and legal requirements have been considered. ",
"dimensions": {
"concept": "easyjetplc:DisclosureOfImpactOfClimateChange",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-450": {
"value": "Basis of consolidation The consolidated financial statements incorporate those of easyJet plc and its subsidiaries for the years ended 30 September 2022 and 2023. A full list of subsidiaries can be found in the Notes to the Company financial statements on page 191. A subsidiary is an entity controlled by easyJet plc. Control is achieved when easyJet is exposed to, or has rights to, variable returns from its involvement with the investee and has the ability to affect those returns through its power, directly or indirectly, over the investee. Intragroup balances, transactions, and any unrealised gains and losses arising from intragroup transactions are eliminated in preparing the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-509": {
"value": "Foreign currencies The primary economic environment in which a subsidiary operates determines its functional currency. The consolidated financial statements of easyJet are presented in sterling, rounded to the nearest \u00a3 million, which is the Company\u2019s functional currency and the Group\u2019s presentation currency. Transactions arising in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the rate of exchange ruling at the end of a reporting period and (except where the asset or liability is designated as a cash flow hedge) the gains or losses on translation are included in the income statement. Non-monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at foreign exchange rates ruling at the dates the transactions were effected. 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 the translation reserve within shareholders\u2019 equity until all or part of the interest is disposed of, when the relevant portion of the accumulated exchange gains or losses is recognised in the income statement. Profits and losses of foreign operations are translated into sterling at average monthly rates of exchange during the year, as this approximates the rates on the dates of the transactions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-451": {
"value": "Foreign currencies The primary economic environment in which a subsidiary operates determines its functional currency. The consolidated financial statements of easyJet are presented in sterling, rounded to the nearest \u00a3 million, which is the Company\u2019s functional currency and the Group\u2019s presentation currency. Transactions arising in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the rate of exchange ruling at the end of a reporting period and (except where the asset or liability is designated as a cash flow hedge) the gains or losses on translation are included in the income statement. Non-monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at foreign exchange rates ruling at the dates the transactions were effected. 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 the translation reserve within shareholders\u2019 equity until all or part of the interest is disposed of, when the relevant portion of the accumulated exchange gains or losses is recognised in the income statement. Profits and losses of foreign operations are translated into sterling at average monthly rates of exchange during the year, as this approximates the rates on the dates of the transactions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-452": {
"value": "Change in presentation Presentation of easyJet holidays The presentation of the consolidated income statement has been amended in order to provide more relevant information to the users of the financial statements, reflecting the increasing significance of the Holidays operating segment. Holidays revenues have historically been presented within \u2018Ancillary revenue\u2019, whilst associated costs have been presented within the \u2018Airports, ground handling, holidays accommodation, and other operating costs\u2019 line. Ancillary revenue has now been split into ancillary revenue attributable to airline passengers and Holidays incremental revenue, which is the revenue from holidays\u2019 customers net of flight revenue; the passenger revenue and airline ancillary revenue attributable to holidays\u2019 customers being included in the passenger revenue and airlines ancillary revenue lines respectively. Additionally, a new cost line \u2018Holidays direct operating costs\u2019 is shown which includes costs specific to the Holidays business such as accommodation costs and airport transfers. The prior year has been presented on a consistent basis, which has resulted in the re-presentation of the consolidated income statement as below. Year ended 30 September 2022 (Previously reported) (Re-presented) Headline \u00a3 million Non- headline (note 5) \u00a3 million Total \u00a3 million Headline \u00a3 million Non- headline (note 5) \u00a3 million Total \u00a3 million Revenue Passenger revenue 3,816 \u2013 3,816 3,816 \u2013 3,816 Airline ancillary \u2013 \u2013 \u2013 1,585 \u2013 1,585 Holidays incremental revenue \u2013 \u2013 \u2013 368 \u2013 368 Ancillary revenue 1,953 \u2013 1,953 1,953 \u2013 1,953 Tota l revenue 5,769 \u2013 5,769 5,769 \u2013 5,769 Expenditure Airports and ground handling \u2013 \u2013 \u2013 (1,443) \u2013 (1,443) Airports, ground handling, holidays accommodation, and other operating costs (1,716) \u2013 (1,716) \u2013 \u2013 \u2013 Holidays direct operating costs (excluding flights) \u2013 \u2013 \u2013 (273) \u2013 (273) Tota l (1,716) \u2013 (1,716) (1,716) \u2013 (1,716) Presentation of the liability for compensation for airline customer delays and cancellations In previous reporting periods easyJet has classified the liability for compensation and reimbursements for airline customers arising from flight delays and cancellations as a provision. In response to a ruling by the International Financial Reporting Interpretations Committee (IFRIC) that compensation for delays gives rise to variable consideration, this liability has been re-presented from provisions for liabilities and charges to liabilities within trade and other payables. This impacts both the statement of financial position and the accompanying notes to the financial statements. The prior year statement of financial position has been re-presented as described below, the impact on accompanying notes is described in those notes. Specifically, for note 19, as a result of this re-presentation, the provision for holidays\u2019 customer compensation for quality issues, personal injury and illness, and the provision for refunds of air passenger duty and similar charges have been re-presented as \u2018Other provisions\u2019. As at 30 September 2022 Previously reported \u00a3 million Re-presented \u00a3 million Current liabilities Trade and other payables (1,685) (1,759) Provisions for liabilities and charges (176) (102) Remaining other current liabilities (1,817) (1,817) (3,678) (3,678) The value of the liability for the year ending 30 September 2021 was not material and therefore the 1 October 2021 opening balance in the relevant comparative notes has not been re-presented. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-453": {
"value": "Impairment of non-financial assets easyJet has identified two separate cash-generating units (CGUs) which are two separate groups of assets generating largely independent cash flows, these being easyJet\u2019s airline route network and its Holidays business. All goodwill, landing rights, current intangible assets, associated working capital balances, aircraft and aircraft spares belong to the Airline CGU which is tested annually for impairment or when there is an indication of impairment. A single value in use (VIU) calculation is performed in order to assess the recoverability of the assets. The Holidays CGU includes other intangible assets, which are subject to amortisation and working capital associated to the Holidays segment. The CGU is tested for impairment annually or when there is an indication of impairment. A further description of the calculation of the VIU and current year outcome and sensitivities for the Airline CGU is given in note 10. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-528": {
"value": "Goodwill and other intangible assets Goodwill arising on acquisition has been recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over easyJet\u2019s interest in the net fair value of the identifiable assets acquired and the liabilities assumed. Goodwill is stated at cost less any accumulated impairment losses. It has an indefinite expected useful life and is tested for impairment as part of the Airline CGU on an annual basis or when there is an indication of impairment. Landing rights are stated at cost less any accumulated impairment losses. They are considered to have an indefinite useful life as they remain available for use for the foreseeable future provided minimum utilisation requirements are observed. Landing rights form part of the Airline CGU and are therefore tested for impairment at least annually or when there is an indication of impairment. Landing rights with a carrying value that have no further VIU and have been surrendered for nil value are de-recognised and a loss on disposal recognised in the income statement at the point of surrender. When assessing for impairment or reassessing UELs, easyJet considers potential significant future changes including in relation to market, technological, economic and legal developments. The potential future impacts of climate change have been incorporated by including the estimated financial impact within cash flow projections of the future estimated price of ETS allowances, and the expected price and quantity required of SAF usage. Additional risks associated with climate change have also been stress tested, including sensitivities of SAF usage and ETS costs, additional legal and technology costs, reduced demand and increased cost of maintenance and replacement aircraft. Computer software is stated at cost and is amortised from the point at which the asset is ready for use on a straight-line basis over the asset\u2019s UEL. UELs are reviewed annually. Expected useful life Computer software 3\u20137 years Annual licence agreements to use Cloud software are expensed and treated as a service agreement. Perpetual licences to use Cloud software are capitalised if easyJet has both a contractual right to the software and the ability to run the software independently of the host vendor, but are otherwise expensed. Customisation and configuration costs related to the implementation of Cloud-based applications are expensed unless the activity creates an asset that is separate and identifiable from the software. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-510": {
"value": "Goodwill and other intangible assets Goodwill arising on acquisition has been recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over easyJet\u2019s interest in the net fair value of the identifiable assets acquired and the liabilities assumed. Goodwill is stated at cost less any accumulated impairment losses. It has an indefinite expected useful life and is tested for impairment as part of the Airline CGU on an annual basis or when there is an indication of impairment. Landing rights are stated at cost less any accumulated impairment losses. They are considered to have an indefinite useful life as they remain available for use for the foreseeable future provided minimum utilisation requirements are observed. Landing rights form part of the Airline CGU and are therefore tested for impairment at least annually or when there is an indication of impairment. Landing rights with a carrying value that have no further VIU and have been surrendered for nil value are de-recognised and a loss on disposal recognised in the income statement at the point of surrender. When assessing for impairment or reassessing UELs, easyJet considers potential significant future changes including in relation to market, technological, economic and legal developments. The potential future impacts of climate change have been incorporated by including the estimated financial impact within cash flow projections of the future estimated price of ETS allowances, and the expected price and quantity required of SAF usage. Additional risks associated with climate change have also been stress tested, including sensitivities of SAF usage and ETS costs, additional legal and technology costs, reduced demand and increased cost of maintenance and replacement aircraft. Computer software is stated at cost and is amortised from the point at which the asset is ready for use on a straight-line basis over the asset\u2019s UEL. UELs are reviewed annually. Expected useful life Computer software 3\u20137 years Annual licence agreements to use Cloud software are expensed and treated as a service agreement. Perpetual licences to use Cloud software are capitalised if easyJet has both a contractual right to the software and the ability to run the software independently of the host vendor, but are otherwise expensed. Customisation and configuration costs related to the implementation of Cloud-based applications are expensed unless the activity creates an asset that is separate and identifiable from the software. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-454": {
"value": "Goodwill and other intangible assets Goodwill arising on acquisition has been recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over easyJet\u2019s interest in the net fair value of the identifiable assets acquired and the liabilities assumed. Goodwill is stated at cost less any accumulated impairment losses. It has an indefinite expected useful life and is tested for impairment as part of the Airline CGU on an annual basis or when there is an indication of impairment. Landing rights are stated at cost less any accumulated impairment losses. They are considered to have an indefinite useful life as they remain available for use for the foreseeable future provided minimum utilisation requirements are observed. Landing rights form part of the Airline CGU and are therefore tested for impairment at least annually or when there is an indication of impairment. Landing rights with a carrying value that have no further VIU and have been surrendered for nil value are de-recognised and a loss on disposal recognised in the income statement at the point of surrender. When assessing for impairment or reassessing UELs, easyJet considers potential significant future changes including in relation to market, technological, economic and legal developments. The potential future impacts of climate change have been incorporated by including the estimated financial impact within cash flow projections of the future estimated price of ETS allowances, and the expected price and quantity required of SAF usage. Additional risks associated with climate change have also been stress tested, including sensitivities of SAF usage and ETS costs, additional legal and technology costs, reduced demand and increased cost of maintenance and replacement aircraft. Computer software is stated at cost and is amortised from the point at which the asset is ready for use on a straight-line basis over the asset\u2019s UEL. UELs are reviewed annually. Expected useful life Computer software 3\u20137 years Annual licence agreements to use Cloud software are expensed and treated as a service agreement. Perpetual licences to use Cloud software are capitalised if easyJet has both a contractual right to the software and the ability to run the software independently of the host vendor, but are otherwise expensed. Customisation and configuration costs related to the implementation of Cloud-based applications are expensed unless the activity creates an asset that is separate and identifiable from the software. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-455": {
"value": "EU ETS, CH ETS and UK ETS carbon allowances easyJet participates in the EU ETS, CH (Swiss) ETS and UK ETS schemes. Participants are required to purchase and surrender ETS carbon allowances to cover their annual carbon emissions from flying. The surrender process takes place ahead of the compliance deadline of 30 April each year in respect of the preceding calendar year. A proportion of allowances are issued for free and are recognised at fair value, being the market value on the date they are received, with a corresponding liability recognised simultaneously. Purchased allowances are recognised at the purchase price. Both free and purchased carbon allowances are held as current intangible assets and are not subsequently revalued as they are held for own use. As part of the annual surrender process free allowances will be surrendered first with purchased allowances then surrendered on a first in, first out (FIFO) basis. The income statement expense (included in fuel costs), recognised throughout the year as the liability is incurred through flying, is based on a weighted average cost of the free and purchased allowances estimated to be surrendered (on the FIFO basis described above) as part of the annual surrender process. A corresponding liability of the same value is also recognised. As such, for any financial year, three months of the related expense will be known having already been surrendered, with nine months of the expense subject to a degree of estimation. Where insufficient allowances are held in easyJet\u2019s registry at the financial year end, when compared with the expected calendar year surrender, the remainder of the income statement expense is estimated using the market price of allowances as at the financial year end date. Both the related asset and liability are extinguished only at the point when the allowances are surrendered. These current intangible assets form part of the Airline CGU and are reviewed for impairment annually or when there is an indication of impairment within the Airline CGU. ",
"dimensions": {
"concept": "easyjetplc:DescriptionOfAccountingPolicyForCarbonAllowances",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-456": {
"value": "Carbon offsetting and Verified Emission Reductions Up until 31 December 2022, easyJet operated a voluntary policy to offset every tonne of carbon and carbon equivalents emitted from fuel used for all its flights. This was done through purchasing Verified Emission Reduction (VERs) certificates arising from Gold Standard or Verified Carbon Standard (VCS) accredited projects. The Voluntary Offsetting Policy was retired in September 2022 but VER assets remain on the consolidated statement of financial position to offset the estimated emissions from flights booked up to and including 31 December 2022 and with a departure date after 30 September 2023. The value of these assets is immaterial, and they will be retired in financial year 2024. No contractual commitments remain for the purchase of VERs. easyJet continues to hold on the consolidated statement of financial position a number of VERs that were purchased under contractual obligations and are surplus to the certificates required to meet the remaining obligation for flights booked up to 31 December 2022. These certificates are being actively marketed for sale, but are held on the consolidated statement of financial position at purchase price. The value is not material. When sold, any excess of sale value over the purchase price value held on the consolidated statement of financial position will be recognised in other income. Additionally, easyJet has an obligation under French law to offset CO 2 emissions incurred for French domestic flights. No carbon certificates have yet been purchased for the obligation; the liability for the certificates required to be purchased is not material and is recognised on the consolidated statement of financial position under trade and other payables. ",
"dimensions": {
"concept": "easyjetplc:DescriptionOfAccountingPolicyForVerifiedEmissionsReductionCertificates",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-457": {
"value": "Property, plant and equipment Property, plant and equipment (PPE) 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 UELs. UELs and residual values are reviewed annually. Expected useful life Aircraft 1 18\u201323 years 2, 3 Aircraft spares 18 years Aircraft \u2013 prepaid maintenance 7\u201310 years Leasehold improvements 5\u201310 years or the length of lease if shorter Freehold land Not depreciated Fixtures, fittings and equipment 4 3 years or length of lease of property where equipment is used if shorter Computer hardware 4 3\u20135 years 1) Aircraft held as right of use assets are depreciated over the lease term; see leases section. Contractual capital maintenance associated with leased aircraft is charged as depreciation to the income statement as the usage that defines the maintenance event occurs. 2) easyJet operate a fleet of Airbus ceo and neo aircraft. The newer neo aircraft have a UEL of 23 years. Aligning to the longer-term plan for ceo aircraft, and the ambition to replace these over time with the more fuel efficient neo aircraft as part of easyJet\u2019s net zero commitment, ceo aircraft have a shorter UEL of 18 years. 3) Aircraft are depreciated once in the location and condition necessary to be capable of operating in the manner intended by management. 4) Other assets within note 11. Residual values are reviewed annually, at the end of the reporting period, against prevailing market rates for assets of an equivalent age, and the depreciation applied is adjusted accordingly on a prospective basis. The carrying value of PPE assets is part of the Airline CGU and is therefore reviewed for impairment at least annually or when there is any indication of impairment within the CGU. For aircraft, easyJet is dependent on Airbus as its sole supplier. This gives rise to an increased valuation risk, which crystallises when aircraft exit the fleet, where easyJet is reliant on the future demand for second-hand aircraft and specifically Airbus aircraft. Future developments, such as the impact of climate change on the market, technological, economic or legal environment, are considered when assessing residual values and UELs. An element of the cost of a new aircraft is attributed on acquisition to prepaid maintenance, reflecting the \u2018full-life\u2019 maintenance status of key components of the aircraft at the point of transition of ownership. This cost is depreciated over a period of between seven to ten years from the date of manufacture, in accordance with the maintenance schedule for the aircraft. Subsequent costs incurred which lend enhancement to future periods, such as long-term scheduled maintenance and major overhaul of aircraft and engines, are capitalised at the time of the event and depreciated over the length of the period benefiting from these enhancements. All other maintenance costs for owned aircraft are charged to the income statement as incurred. Pre-delivery payments made in respect of aircraft are recorded in PPE at cost. These amounts are not depreciated. A proportion of easyJet\u2019s financing costs have been attributed to pre-delivery payments, made in respect of aircraft and other qualifying assets under construction. These are capitalised and added to the cost of the asset concerned. Pre-delivery payments are depreciated from the point at which the aircraft to which they relate is received and ready for commercial use. Gains and losses on disposals (other than aircraft-related sale and leaseback transactions) are determined by comparing the net proceeds with the carrying amount of the asset and are recognised in the income statement. Freehold land is recorded at cost and not depreciated as it is considered to have an indefinite useful life. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-458": {
"value": "Leases When a contractual arrangement contains a lease, easyJet recognises a lease liability and a corresponding right of use asset at the commencement of the lease. At the commencement date the lease liability is measured at the present value of the future lease payments, discounted using the Group\u2019s incremental borrowing rate where the interest rate in the lease is not readily determined. Lease payments include fixed payments and variable payments which are dependent on an index or rate. Where an index or rate is used this is initially measured using the index or rate at commencement. Subsequently, the lease liability is adjusted by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made, and remeasuring the carrying amount to reflect any reassessment or lease modifications. The lease term is determined from the commencement date of the lease and the duration of the non-cancellable term. If easyJet has an extension option, which it considers it is reasonably certain to exercise, then the lease term will be considered to extend beyond that non-cancellable period to the end of the extension period available. Where easyJet has previously assessed that there is no intention to exercise an extension option but subsequently opts to exercise the option, then a modification would be carried out. If easyJet has a termination option, which it considers it is reasonably certain to exercise, then the lease term will be accounted for until the point when the termination option will take effect. At the commencement date the right of use asset is measured at an amount equal to the lease liability plus any lease payments made before the commencement date and any initial direct costs, less any lease incentive payments. An estimate of costs to be incurred in restoring an asset before return to the lessor, in accordance with the terms of the lease, is also included in the right of use asset at initial recognition. Subsequently, for leased aircraft, the right of use asset attracts maintenance work in accordance with the contractual obligations of the lease, and a provision for the maintenance work is built up as the aircraft is flown, with the offset being against the right of use asset. The maintenance asset created is immediately fully depreciated as the liability is incurred as the aircraft is flown. Adjustment is also made to the right of use asset to reflect any remeasurement of the corresponding lease liability. The right of use assets form part of the Airline CGU and are therefore subject to review for impairment annually or when there is an indication of impairment within the Airline CGU. Short-term leases less than 12 months in length and low-value leases are not recognised as lease liabilities and right of use assets but are recognised as an expense on a straight-line basis over the lease term. In the consolidated statement of cash flows, payments for the interest element of recognised lease liabilities are included in interest and other financing charges paid within cash flows from operating activities. Payments for the principal element of recognised lease liabilities are presented within cash flows from financing activities. easyJet periodically enters into sale and leaseback transactions whereby it sells either new or mid-life aircraft or engines to a third-party and immediately leases them back. Where the transaction is judged to reflect the aircraft\u2019s fair value, any gain or loss arising on disposal is recognised in the income statement, to the extent that it relates to the rights that have been transferred. Gains and losses that relate to the rights that have been retained are included in the carrying amount of the right of use asset recognised at commencement of the lease. If sale proceeds received were determined to not be at the aircraft\u2019s fair value, any below market terms would be recognised as a prepayment of lease payments, and above market terms recognised as additional financing provided by the lessor. Gains on sale and leaseback transactions are recognised in other income, with losses on sale and leaseback transactions recognised in other costs. Proceeds received for the sale of the fair value of the asset are recognised in the statement of cash flows within investing activities as it relates to property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-459": {
"value": "Other non-current assets Other non-current assets include both general lease deposits, as stipulated in lease agreements, as well as mid-life aircraft delivery assets for maintenance obligations incurred on mid-life aircraft before easyJet acquired the aircraft. The payments and receivables are recorded within current and non-current assets as applicable, pending reimbursement or receipt in accordance with contract specific terms. Management assess the recoverability of these assets on an annual basis through consideration of the credit position of the debtors and other relevant inputs. Under the general approach to assess impairment of financial assets, easyJet recognises a loss allowance equal to the 12 month expected credit losses. ",
"dimensions": {
"concept": "easyjetplc:DescriptionOfAccountingPolicyForOtherNonCurrentAssets",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-460": {
"value": "Financial guarantees Financial guarantees are initially measured at fair value and subsequently at the higher of the initial fair value or the amount of the loss allowance determined by an expected credit loss calculation. A loss allowance is calculated where easyJet is jointly and severally liable for financial guarantee contracts. This is calculated based on the probability-weighted estimate of cash shortfalls to reimburse the holder for a credit loss that it incurs and based on the agreements which may exist between any co-guarantors. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-511": {
"value": "Tax Tax expense in the income statement consists of current and deferred tax. Tax is recognised in the income statement except when it relates to items credited or charged directly to other comprehensive income or shareholders\u2019 equity, in which case it is recognised in other comprehensive income or shareholders\u2019 equity. The charge for current tax is based on the results for the year as adjusted for income that is exempt and expenses that are not deductible, using tax rates that are applicable to the taxable income. Deferred tax is provided in full on temporary differences relating to the carrying amount of assets and liabilities, where it is probable that the recovery or settlement will result in an obligation to pay more, or a right to pay less, tax in the future, with the following exceptions: > where the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither taxable income nor accounting profit; and > deferred tax arising on investments in subsidiaries is not recognised where easyJet is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the periods in which recovery of assets and settlement of liabilities are expected to take place, based on tax rates or laws enacted or substantively enacted at the date of the statement of financial position. Deferred tax assets represent amounts considered recoverable in future periods in respect of deductible temporary differences, losses and tax credits carried forward. Deferred tax assets are recognised to the extent that these are estimated to be fully recoverable against the unwind of taxable temporary differences and future taxable income. Deferred tax liabilities represent the amount of income taxes payable in future periods in respect of taxable temporary differences. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and it is the intention to settle these on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-461": {
"value": "Tax Tax expense in the income statement consists of current and deferred tax. Tax is recognised in the income statement except when it relates to items credited or charged directly to other comprehensive income or shareholders\u2019 equity, in which case it is recognised in other comprehensive income or shareholders\u2019 equity. The charge for current tax is based on the results for the year as adjusted for income that is exempt and expenses that are not deductible, using tax rates that are applicable to the taxable income. Deferred tax is provided in full on temporary differences relating to the carrying amount of assets and liabilities, where it is probable that the recovery or settlement will result in an obligation to pay more, or a right to pay less, tax in the future, with the following exceptions: > where the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither taxable income nor accounting profit; and > deferred tax arising on investments in subsidiaries is not recognised where easyJet is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the periods in which recovery of assets and settlement of liabilities are expected to take place, based on tax rates or laws enacted or substantively enacted at the date of the statement of financial position. Deferred tax assets represent amounts considered recoverable in future periods in respect of deductible temporary differences, losses and tax credits carried forward. Deferred tax assets are recognised to the extent that these are estimated to be fully recoverable against the unwind of taxable temporary differences and future taxable income. Deferred tax liabilities represent the amount of income taxes payable in future periods in respect of taxable temporary differences. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and it is the intention to settle these on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-462": {
"value": "Provisions Provisions are recognised when a present legal or constructive obligation arises as a result of a past event, it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation. Amounts provided for represent the best estimate of the consideration required to settle the present obligation at the statement of financial position date, taking into account all related risks and uncertainties. Restructuring Provisions for restructuring arise principally in relation to network optimisation and head office reviews. Provisions for restructuring programmes are made when easyJet has a demonstrable commitment to a restructuring programme, for example through an announcement made to the impacted employees. Restructuring provisions are measured based on the expected outcome of consultations with impacted employees. Where specific individuals at risk have not been identified, estimations are based on information available such as average payroll data, employee age and length of service. Maintenance easyJet incurs liabilities for maintenance and restoration costs in respect of leased aircraft during the term of the lease. These arise from legal and constructive contractual obligations relating to the condition of the aircraft when it is returned to the lessor or when heavy maintenance events are expected to occur during the period of the lease. Contractual maintenance obligations arising from the ongoing use of the aircraft are provided for over the term of the lease based on the estimated future costs of the maintenance events, or forecast penalty charges, discounted to present value. The provision is built as the aircraft are flown, and recognised against the right of use asset, where it is immediately fully depreciated as the flying hours that determine the provision have taken place. The restoration cost obligation is described in the lease section. Other Other provisions include amounts in respect of onerous contracts, compensation for quality issues and personal injury and illness for Holidays\u2019 customers, the provision for refunds of air passenger duty and similar charges, and potential liabilities for employee related matters and litigation which arise in the normal course of business. Onerous contracts are recognised at the first indication that a loss is anticipated, and the provision based on the expected economic outflow arising from the contracts. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-463": {
"value": "Employee benefits easyJet contributes to defined contribution pension schemes for the benefit of employees. The assets of the schemes are held separately from those of easyJet in independently administered funds. easyJet\u2019s contributions are charged to the income statement in the year in which they are incurred. easyJet has no further payment obligations once the contributions have been paid for defined contribution schemes. See below for the treatment of the defined benefit Swiss pension scheme. The expected cost of compensated annual leave and other employee benefits is recognised at the time that the related employees\u2019 services are provided. Switzerland pension scheme easyJet contributes to an independently administered post-employment fund for employees in Switzerland. The benefit is contribution-based with certain minimum guarantees required by Swiss law to the mandatory part of the benefit. Due to these minimum guarantees, the Swiss pension plan meets IAS 19 Employee Benefits requirements to be treated as a defined benefit plan for the purposes of these consolidated financial statements. The easyJet portion of the current service cost and the net interest cost are charged to the consolidated income statement in the year in which they relate. Actuarial gains and losses are recognised in the consolidated statement of comprehensive income and the consolidated statement of financial position reflects the net surplus or deficit at the reporting date. The actuarial assumptions used to calculate the defined benefit obligation are based on the requirements set out in IAS 19. They are set by management, based on advice from an independent actuary. The defined benefit obligation is calculated using the projected unit credit method. The costs of managing the plan assets are deducted as incurred in determining the return on plan assets and the present value of projected future general administration expenses that are a direct consequence of past service are included as part of the retirement benefit obligation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-512": {
"value": "Share capital and dividend distribution Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company or employee benefit trust purchases the Company\u2019s equity shares, the consideration paid, and any directly attributable incremental costs are deducted from retained earnings until the shares are cancelled or reissued. Proceeds from re-issue are shown as a credit to retained earnings. easyJet settles share awards under the Long Term Incentive Plan, the Save As You Earn scheme, Restricted Share Plan, Share Incentive Plans and Deferred Annual Bonus by purchasing its own shares on the market through employee benefit trusts. The cost of such purchases are deducted from retained earnings in the period that the transaction occurs. Final dividend distributions to the Company\u2019s shareholders are recognised as a liability in the period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-464": {
"value": "Share capital and dividend distribution Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company or employee benefit trust purchases the Company\u2019s equity shares, the consideration paid, and any directly attributable incremental costs are deducted from retained earnings until the shares are cancelled or reissued. Proceeds from re-issue are shown as a credit to retained earnings. easyJet settles share awards under the Long Term Incentive Plan, the Save As You Earn scheme, Restricted Share Plan, Share Incentive Plans and Deferred Annual Bonus by purchasing its own shares on the market through employee benefit trusts. The cost of such purchases are deducted from retained earnings in the period that the transaction occurs. Final dividend distributions to the Company\u2019s shareholders are recognised as a liability in the period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-465": {
"value": "Share-based payments easyJet has a number of equity-settled share incentive schemes. The fair value of share options granted under the Save As You Earn scheme is measured at the date of grant using the Binomial Lattice option pricing model. The fair value of grants under the Long Term Incentive Plan is measured at the date of grant using the Black\u2013Scholes model for awards based on Return on Capital Employed (ROCE) performance targets, and the Stochastic model (also known as the Monte Carlo model) for awards based on Total Shareholder Return (TSR) performance targets. The fair value of all other awards is the share price at the date of grant. The fair value of the estimated number of options and awards that are expected to vest is expensed to the income statement on a straight-line basis over the period that employees\u2019 services are rendered, with a corresponding increase in shareholders\u2019 equity. Where non-market performance criteria (such as sustainability targets) attached to the share options and awards are not met, any cumulative expense previously recognised is reversed. For awards with market-related performance criteria (such as TSR), an expense is recognised irrespective of whether the market condition is satisfied. The social security obligations payable in connection with the grant of the share options are an integral part of the grant itself and the charge is treated as a cash-settled transaction. A deferred tax balance is recognised based on the intrinsic value of the outstanding options. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-466": {
"value": "Financial instruments Financial instruments 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. Financial assets are also derecognised (written-off) when the Group has no reasonable expectation of recovering the financial asset. With the exception of trade receivables that do not contain a significant financing component, financial instruments are initially measured at fair value plus or minus (in the case of a financial asset or financial liability not at fair value through the income statement) directly attributable transaction costs. Trade receivables that do not contain a significant financing component are initially measured at the transaction price. Where market values are not available, the fair value of financial instruments is calculated by discounting expected cash flows at prevailing interest rates and by applying period end exchange rates. The equity investment in The Airline Group Limited is measured at fair value. Movements in fair value are assessed at each reporting period and recorded in other comprehensive income. The fair value is measured using a dividend income model in accordance with IFRS 13 requirements. See note 25 for further details. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-467": {
"value": "Non-derivative financial assets Non-derivative financial assets are classified and measured according to easyJet\u2019s business model for managing a specified group of financial assets, and the nature of the contractual cash flows arising from that group of financial assets. Financial assets measured at amortised cost Subsequent to initial recognition, this classification of financial asset is measured at amortised cost using the effective interest rate method. Financial assets are measured at amortised cost when both of the following criteria are met: > the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and > the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amounts outstanding. Financial assets measured at amortised cost include refundable lease deposits and other refundable lease contributions, restricted cash, trade and other receivables, money market deposits, and cash and cash equivalents (excluding money market funds). Restricted cash comprises cash deposits which have restrictions governing their use and is classified as a current or non-current asset based on the estimated remaining length of the restriction. Movements in restricted cash are shown within financing activities in the consolidated statement of cash flows as the movements arise from cash held relating to guarantees. Cash and cash equivalents comprise cash held in bank accounts with no access restrictions and bank term deposits and tri-party repos repayable on demand or maturing within three months of inception. Money market deposits comprise bank term deposits and tri-party repos maturing greater than three months from inception. Financial assets measured at fair value through other comprehensive income On initial recognition, equity investments, excluding interests in associates, are irrevocably designated as measured at fair value through other comprehensive income. Subsequently they are measured at fair value with changes recognised in other comprehensive income with no recycling of these gains and losses. Financial assets measured at fair value through the income statement Financial assets are measured at fair value through the income statement when they do not meet the criteria to be measured at amortised cost or at fair value through other comprehensive income. Subsequent to initial recognition, this classification of financial assets is measured at fair value through the income statement. Financial assets measured at fair value through the income statement compromised of money market funds as at 30 September 2022; no such assets were held on 30 September 2023. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-513": {
"value": "Financial assets measured at fair value through other comprehensive income On initial recognition, equity investments, excluding interests in associates, are irrevocably designated as measured at fair value through other comprehensive income. Subsequently they are measured at fair value with changes recognised in other comprehensive income with no recycling of these gains and losses. Financial assets measured at fair value through the income statement Financial assets are measured at fair value through the income statement when they do not meet the criteria to be measured at amortised cost or at fair value through other comprehensive income. Subsequent to initial recognition, this classification of financial assets is measured at fair value through the income statement. Financial assets measured at fair value through the income statement compromised of money market funds as at 30 September 2022; no such assets were held on 30 September 2023. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-469": {
"value": "Impairment of financial assets At each reporting date easyJet recognises a loss allowance for expected credit losses on financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to be recognised, easyJet applies either the general approach or the simplified approach, depending on the nature of the underlying group of financial assets. General approach \u2013 impairment assessment The general approach is applied to the impairment assessment of refundable lease deposits and other refundable lease contributions, restricted cash, money market deposits and cash and cash equivalents. Under the general approach easyJet recognises a loss allowance for a financial asset at an amount equal to the 12-month expected credit losses calculated using expected future default probabilities, unless the credit risk on the financial asset has increased significantly since initial recognition, in which case a loss allowance is recognised at an amount equal to the lifetime expected credit losses. Simplified approach \u2013 impairment assessment The simplified approach is applied to the impairment assessment of trade and other receivables. Under the simplified approach easyJet recognises a loss allowance for a financial asset at an amount equal to the lifetime expected credit losses using a historical loss probability method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-470": {
"value": "Non-derivative financial liabilities Non-derivative financial liabilities are initially recorded at fair value less directly attributable transaction costs, and subsequently at amortised cost, and include trade and other payables and borrowings. Interest expense on borrowings is recognised using the effective interest method. Borrowings are classified as current liabilities unless there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting period date. Financial liabilities measured at amortised cost Subsequent to initial recognition at cost, this classification of financial liability is measured at amortised cost. Financial liabilities measured at amortised cost include trade and other payables, lease liabilities and borrowings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-514": {
"value": "Derivative financial instruments and hedging activities Derivative financial instruments are measured at fair value through the income statement with the exception of derivative financial instruments that are designated as a hedging instrument in a cash flow hedge relationship. easyJet uses foreign currency forward exchange contracts to hedge foreign currency risks on transactions denominated in US dollars, euros and Swiss francs. These transactions primarily affect revenue, fuel, lease costs, holiday accommodation costs, pre-delivery payments, and the initial carrying value of owned aircraft. easyJet also uses cross-currency interest rate swaps to hedge currency and interest rate risk on certain borrowings, and jet fuel forward swap and option contracts to hedge fuel price risks. easyJet has a small number of euro-denominated lease contracts which result in a committed schedule of euro lease rental payments; these are matched against forecasted euro revenue cash flows to provide a cash flow hedge against the sterling/euro exchange rate. Hedge accounting is applied to those financial instruments that are designated as cash flow hedges or fair value hedges. Fair value hedges Changes in the fair values of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair values of the hedged assets or liabilities that are attributable to the hedged risk. Any difference between the hedge item and hedge instrument fair valuation is recorded as hedge ineffectiveness within the income statement. Fair value changes in the derivative instrument attributable to the currency basis are not designated as part of the hedged instrument. Such fair value changes are recognised through other comprehensive income as cost of hedging and are recycled to the income statement on maturity or in the event of hedge discontinuation, according to the nature of the underlying hedged item. easyJet\u2019s fair value hedges matured in February 2023 and there were therefore no fair value hedges accounted for at year end. Cash flow hedges Gains and losses arising from changes in the fair value of foreign exchange forwards, jet fuel forward swaps, jet fuel options and cross-currency interest rate swap contracts designated as cash flow hedges are recognised in other comprehensive income and deferred in the hedging reserve to the extent that the hedges are determined to be effective. All foreign exchange contracts in a cash flow hedge relationship are designated on a forward basis with the full fair value as the hedge instrument. Jet fuel option contracts in a cash flow hedge relationship are designated using the intrinsic value of the derivative as the hedge instrument only. The time value element of the full fair value for these derivatives is recognised through other comprehensive income as a cost of hedging and recycled to the income statement at the same time as the hedge item also impacts the income statement. Fair value changes in a foreign currency derivative instrument attributable to the currency basis are not designated as part of the hedged instrument. Such fair value changes are recognised through other comprehensive income as a cost of hedging, and are recycled to the income statement on maturity or in the event of hedge discontinuation, according to the nature of the underlying hedged item. When the hedged forecast transaction relates to an item of property, plant and equipment, the relevant accumulated gains and losses are transferred from the hedging reserve and included in the initial carrying amount of that purchased asset. Otherwise they are recognised in the income statement in the same period in which the hedged transaction affects the income statement and against the same line item. In the event that a hedged forecast transaction is no longer expected to occur, any related gains and losses are immediately transferred from the hedging reserve and recognised in the income statement. Derivative instruments that have been derecognised from hedge relationships are classified as fair value through the income statement thereafter with subsequent fair valuation movements being recognised in the income statement. Hedge accounting is discontinued when a hedging instrument is derecognised (e.g. through expiry, disposal or termination of a derivative), or no longer qualifies for hedge accounting. Where the hedged item continues to be expected to occur, the related gains and losses remain deferred in the hedging reserve until the transaction takes place. Hedge relationship The Group determines that the criteria for each hedge accounting relationship are met where: > all relationships demonstrate a strong economic correlation; > the effects of credit do not dominate the change in value of the associated hedged risk; and > all Group hedge relationships have a hedge ratio of one to one, aligning to the Group\u2019s risk management strategy . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-468": {
"value": "Derivative financial instruments and hedging activities Derivative financial instruments are measured at fair value through the income statement with the exception of derivative financial instruments that are designated as a hedging instrument in a cash flow hedge relationship. easyJet uses foreign currency forward exchange contracts to hedge foreign currency risks on transactions denominated in US dollars, euros and Swiss francs. These transactions primarily affect revenue, fuel, lease costs, holiday accommodation costs, pre-delivery payments, and the initial carrying value of owned aircraft. easyJet also uses cross-currency interest rate swaps to hedge currency and interest rate risk on certain borrowings, and jet fuel forward swap and option contracts to hedge fuel price risks. easyJet has a small number of euro-denominated lease contracts which result in a committed schedule of euro lease rental payments; these are matched against forecasted euro revenue cash flows to provide a cash flow hedge against the sterling/euro exchange rate. Hedge accounting is applied to those financial instruments that are designated as cash flow hedges or fair value hedges. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-471": {
"value": "Fair value hedges Changes in the fair values of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair values of the hedged assets or liabilities that are attributable to the hedged risk. Any difference between the hedge item and hedge instrument fair valuation is recorded as hedge ineffectiveness within the income statement. Fair value changes in the derivative instrument attributable to the currency basis are not designated as part of the hedged instrument. Such fair value changes are recognised through other comprehensive income as cost of hedging and are recycled to the income statement on maturity or in the event of hedge discontinuation, according to the nature of the underlying hedged item. easyJet\u2019s fair value hedges matured in February 2023 and there were therefore no fair value hedges accounted for at year end. Cash flow hedges Gains and losses arising from changes in the fair value of foreign exchange forwards, jet fuel forward swaps, jet fuel options and cross-currency interest rate swap contracts designated as cash flow hedges are recognised in other comprehensive income and deferred in the hedging reserve to the extent that the hedges are determined to be effective. All foreign exchange contracts in a cash flow hedge relationship are designated on a forward basis with the full fair value as the hedge instrument. Jet fuel option contracts in a cash flow hedge relationship are designated using the intrinsic value of the derivative as the hedge instrument only. The time value element of the full fair value for these derivatives is recognised through other comprehensive income as a cost of hedging and recycled to the income statement at the same time as the hedge item also impacts the income statement. Fair value changes in a foreign currency derivative instrument attributable to the currency basis are not designated as part of the hedged instrument. Such fair value changes are recognised through other comprehensive income as a cost of hedging, and are recycled to the income statement on maturity or in the event of hedge discontinuation, according to the nature of the underlying hedged item. When the hedged forecast transaction relates to an item of property, plant and equipment, the relevant accumulated gains and losses are transferred from the hedging reserve and included in the initial carrying amount of that purchased asset. Otherwise they are recognised in the income statement in the same period in which the hedged transaction affects the income statement and against the same line item. In the event that a hedged forecast transaction is no longer expected to occur, any related gains and losses are immediately transferred from the hedging reserve and recognised in the income statement. Derivative instruments that have been derecognised from hedge relationships are classified as fair value through the income statement thereafter with subsequent fair valuation movements being recognised in the income statement. Hedge accounting is discontinued when a hedging instrument is derecognised (e.g. through expiry, disposal or termination of a derivative), or no longer qualifies for hedge accounting. Where the hedged item continues to be expected to occur, the related gains and losses remain deferred in the hedging reserve until the transaction takes place. Hedge relationship The Group determines that the criteria for each hedge accounting relationship are met where: > all relationships demonstrate a strong economic correlation; > the effects of credit do not dominate the change in value of the associated hedged risk; and > all Group hedge relationships have a hedge ratio of one to one, aligning to the Group\u2019s risk management strategy ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-472": {
"value": "Revenue recognition easyJet categorises total revenue earned on the face of the income statement between passenger and ancillary revenue, with ancillary revenue further categorised into airline ancillary revenue and holidays incremental revenue. Passenger revenue Passenger revenue arises from the sale of flight seats and is recognised when the performance obligation has been completed, which is when the flight takes place. Revenue recognised is the price paid by the customer for the flight excluding air passenger tax; this includes amounts paid by \u2018no-show\u2019 customers, as such customers are not generally entitled to change flights or seek refunds once a flight has departed. Compensation payments made to customers (in respect of flight delays and cancellations) are offset against revenues recognised up to the amount of the flight, with the excess compensation being recorded within expenses. The liability for compensation payments not yet paid is measured based on known eligible events, passengers impacted, and the best estimate of claim rates which is in part informed by historical claim rates. Airline flights are paid for at the point of booking. Unearned revenue from flights not yet flown is held in the statement of financial position until it is realised in the income statement when the flight takes place. If easyJet cancels a flight, unless a customer immediately rebooks on an alternative flight, at the point of the cancellation the amount paid for the flight is derecognised from unearned revenue and a contract liability is recognised within trade and other payables to refund the customer or provide a voucher or flight transfer if requested. Vouchers issued by easyJet in lieu of refunds are held on the statement of financial position in other payables as a contract liability (see note 16) until they are redeemed against a new booking, at which point they are recognised as unearned revenue. Once vouchers expire or are deemed to have a remote probability of being redeemed for a future booking they will be recognised as revenue. For vouchers issued to customers in countries where regulations stipulate unused vouchers should be refunded to the customer before the expiry of the statutory period, the required refunds have been made. Where customers do not request either a voucher, refund or flight transfer the liability continues to be recognised in other payables, and breakage is applied when the likelihood of the customer exercising their remaining rights to be repaid these amounts is considered remote. Airline ancillary revenue Sale of checked baggage, allocated seating, change fees and other Revenue is measured as the price paid by the customer for the service booked and is recognised at a point in time, which is when the flight takes place. Unearned revenue includes the amount paid for these services and is treated in line with unearned revenue for the sale of flight seats. Partner revenue and in-flight sales Revenue is measured at the value of the commission earned as easyJet is deemed to be the agent and does not control the related services or goods. The key consideration to reach this conclusion is that the partner is deemed to be responsible for inventory risk and fulfilment of the goods and services. The revenue is recognised at a point in time which is when the service takes place. The exception is commission earned from travel insurance, where revenue is recognised at the time of booking as easyJet acts solely as the appointed representative of the insurance company. Cancellation fees Revenue is measured at the amount paid for the cancellation and is recognised evenly at a point in time, when the cancellation requested by the customer is processed. easyJet plus Revenue is measured at the amount paid for the annual membership and is recognised evenly over the membership period. Holidays incremental revenue Package holidays revenue (excluding flights which are recognised as passenger revenue) is measured as the price paid by the customer for the service booked. It is referred to as Holidays incremental revenue in the income statement. The performance obligation is satisfied over time with the revenue recognised evenly across the length of the holiday. This includes amounts paid by \u2018no-show\u2019 customers. Package holiday deposits are paid for at the point of booking. Unearned revenue from the non-flight elements of package holidays for which the customer has paid but the service has not yet taken place, is held in the statement of financial position until it is realised in the income statement when the performance obligation is complete. Package holiday balances due from customers are offset against unearned revenue until paid in full, due 28 days before departure. If easyJet cancels a holiday, and the customer does not elect to rebook or receive a voucher, the price of the holiday (including flights) is refunded to the customer. If the customer elects to receive a voucher, the voucher is held on the statement of financial position in other payables as a contract liability (see note 16) until they are redeemed against a new booking, at which point they are recognised as unearned revenue. Vouchers that expire or are deemed to have a remote probability of being redeemed for a future booking will be recognised as revenue. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-473": {
"value": "Operational costs and income Costs and income are presented in the income statement based on the nature of the cost/income as this is most relevant to enable users of the financial statements to understand easyJet\u2019s financial performance. Costs are expensed as incurred either at the point the goods or service is transferred, or over time to reflect when the benefits are received (for example holidays accommodation costs recognised over the period the holiday is taken). Separate financial statement line items are shown for material income and expenses; the other costs and other income lines include items not reported in the separate material line items. Other income includes insurance receipts, supplier compensation payments, rental income and gains on sale of intangible assets. Other costs are expensed as incurred and include disruption costs, IT costs, cost of third-party providers, employee costs for sales, marketing and administration teams, wet lease costs and insurance. Gains/losses on sale and leaseback transactions are recognised as non-headline in other income/other costs as applicable. ",
"dimensions": {
"concept": "easyjetplc:DescriptionOfAccountingPolicyForOperatingCostsAndIncome",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-515": {
"value": "Finance charge/income Interest payable/receivable and other financing charges/income includes interest expense/income on bank and borrowings which is recognised using the effective interest method, interest on lease liabilities which is recognised using the interest rate implicit in the lease, and fair value movements of derivative financial instruments that are not designated hedging instruments in a cash flow hedge arrangement. Net exchange gains/losses on statement of financial position monetary assets and liabilities are presented as a separate financial statement line item. Within the statement of cash flows, interest paid on bank borrowings and leases is included within net cash generated from/used in operating activities as allowable by IAS 7, and this includes the settlement of the derivatives used to hedge borrowings. In addition, the settlement of derivatives relating to cash flows for ineffective and fair value derivatives through the income statement are also shown within operating activities as they relate to transactions that primarily affect revenue, fuel and lease costs. The amount recognised in settlement of derivatives includes cash flows arising from the maturity of cross- currency interest rate swaps in the period. The settlement of operational hedged derivatives that have already been recycled through the income statement are included in the operating result. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-474": {
"value": "Finance charge/income Interest payable/receivable and other financing charges/income includes interest expense/income on bank and borrowings which is recognised using the effective interest method, interest on lease liabilities which is recognised using the interest rate implicit in the lease, and fair value movements of derivative financial instruments that are not designated hedging instruments in a cash flow hedge arrangement. Net exchange gains/losses on statement of financial position monetary assets and liabilities are presented as a separate financial statement line item. Within the statement of cash flows, interest paid on bank borrowings and leases is included within net cash generated from/used in operating activities as allowable by IAS 7, and this includes the settlement of the derivatives used to hedge borrowings. In addition, the settlement of derivatives relating to cash flows for ineffective and fair value derivatives through the income statement are also shown within operating activities as they relate to transactions that primarily affect revenue, fuel and lease costs. The amount recognised in settlement of derivatives includes cash flows arising from the maturity of cross- currency interest rate swaps in the period. The settlement of operational hedged derivatives that have already been recycled through the income statement are included in the operating result. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-475": {
"value": "SEGMENTAL REPORTING easyJet has two operating segments, being its Airline business, which operates easyJet\u2019s route network, and the Holidays business, which sells holiday packages. The Chief Operating Decision Maker (CODM) has been assessed as being the easyJet plc Board, which receives regular reporting on the Airline and Holidays\u2019 results in order to make resource allocation decisions. Presentation of separate segmental reporting is included in note 8. Geographic revenue is allocated on the following basis: > revenue earned from customers is allocated according to the location of the first departure airport on each booking; and > commission revenue earned from partners is allocated according to the domicile of each partner. Revenue by country of origin has been provided where revenues from external customers attributed to an individual foreign country are material. Passenger revenue recognised within the Airline segment includes intra-segment sales of flights to the Holidays segment. Sales of seats are made between Airline and Holidays on a commercial basis whereas the pricing of hold bags is based on historical average pricing to direct airline customers. Passenger revenue is recognised in the Airline segment when the flight takes place. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-476": {
"value": "Government grants Government grants are recognised where there is reasonable assurance that the grant will be received. Loans provided and/or guaranteed by governments that represent market rates of interest are recorded at the amount of the proceeds received and recognised within borrowings. All existing loans are considered to be at market value. Grants that compensate the Group for expenses incurred are recognised in the income statement in the relevant financial statement line on a systematic basis in the periods in which the expenses are recognised to present the net expense to the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-477": {
"value": "Alternative performance measures (APMs) A number of APMs are disclosed within the financial statements on pages 142 to 188. In the Directors\u2019 opinion, these APMs provide additional understanding to users of the financial statements in their assessment of underlying performance. Refer to the glossary for a list of APMs disclosed in the financial statements, including definitions and reconciliations to IFRS measures. Included in the income statement is the sub-total EBITDAR which is a measure of earnings before interest, taxes, depreciation, amortisation and aircraft rental. ",
"dimensions": {
"concept": "easyjetplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-478": {
"value": "New and revised standards and interpretations A number of amended standards became applicable during the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. The amendments that became applicable for annual reporting periods commencing on or after 1 January 2022, and did not have a material impact were: > Amendments to IFRS 3 \u2013 Business Combinations \u2013 Reference to the conceptual framework > Amendments to IAS 16 \u2013 Property, plant and equipment \u2013 Proceeds before intended use > Amendments to IAS 37 \u2013 Provisions, contingent liabilities and contingent assets \u2013 Onerous contracts: Cost of fulfilling a contract > Annual improvements to IFRS 1, IFRS 9, IAS 41 and illustrative examples accompanying IFRS 16 Leases There are no standards that are issued but not yet effective that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-479": {
"value": "1B. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make judgements as to the application of accounting standards to the recognition and presentation of material transactions, assets and liabilities within the Group, and the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Estimations are based on management\u2019s best evaluation of a range of assumptions, however, events or actions may mean that actual results ultimately differ from those estimates, and these differences may be material. The estimates and the underlying assumptions are reviewed regularly. 1B. (I) CRITICAL ACCOUNTING JUDGEMENTS The following are the critical judgements, apart from those involving estimation (which are dealt with separately below), that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised and presented in the financial statements. Classification of income or expenses between headline and non-headline items (note 5) Non-headline items are those where, in management\u2019s opinion, their separate reporting provides an additional understanding to users of the financial statements of easyJet\u2019s underlying trading performance, and which are significant by virtue of their size and/or nature. In considering the categorisation of an item as non-headline, management\u2019s judgement includes, but is not limited to, a consideration of: > whether the item is outside of the principal activities of the easyJet Group (being to provide point-to- point airline services and package holidays); > the specific circumstances which have led to the item arising, including, if extinguishing an item from the statement of financial position, whether that item was first generated via headline or non-headline activity. The rebuttable presumption being that when subsequently extinguishing an item from the statement of financial position, any impact on the income statement should be reflected in the same way as that which was used in the initial creation of the item; > if the item is irregular in nature; and, > whether the item is unusual by virtue of its size. Non-headline items may include impairments, amounts relating to corporate acquisitions and disposals, expenditure on major restructuring programmes and the gain or loss resulting from the initial recognition of sale and leaseback transactions. Consolidation of easyJet Switzerland S.A. Judgement has been applied in consolidating easyJet Switzerland S.A. as a subsidiary on the basis that the Company exercises a dominant influence over the undertaking. A non-controlling interest has not been reflected in the consolidated financial statements on the basis that the holders of the remaining 51% of the shares have no entitlement to any dividends from that holding and the Company has an option to acquire those shares for a predetermined minimal consideration. 1B. (II) CRITICAL ACCOUNTING ESTIMATES The following critical accounting estimates include judgements or complexity and are the major sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next year. Owned aircraft carrying values \u2013 \u00a33,846 million (2022: \u00a33,598 million) (note 11) The key estimates used in arriving at aircraft carrying values are the UELs and residual values of the owned aircraft. Aircraft are depreciated over their UEL to their residual values in line with the Property, Plant and Equipment Accounting Policy. The UEL is based on easyJet\u2019s long-term fleet plan and intended utilisation of the current fleet, which include long-term assumptions of market conditions and customer demands, which by their nature are inherently uncertain. Residual value estimates for aircraft are based on independent aircraft valuations. The valuations are based on an assessment of the current and future state of the global marketplace for specific aircraft assets. Should the marketplace for an asset class deteriorate unpredictably, there could be a risk that the recoverable amount for some aircraft assets would fall below their current carrying value or that residual values are subject to downward adjustment. If the market expectation of residual value of the easyJet aircraft varied by +/- 10% this would result in an approximate +/- \u00a37 million impact on annual depreciation rates. Owned and leased aircraft asset recoverable amounts are included in the Airline CGU and are therefore subject to review for impairment annually or when there is an indication of impairment within the Airline CGU. Further details of the impairment testing applied are included in note 10. Aircraft maintenance provisions \u2013 \u00a3753 million (2022: \u00a3636 million) (note 19) easyJet incurs liabilities for maintenance costs arising during the lease term of leased aircraft. These costs arise from legal and constructive contractual obligations relating to the condition of the aircraft when it is returned to the lessor. To discharge these obligations, it is usual for easyJet to carry out at least one heavy maintenance check on each of the engines and the airframe of the aircraft during the lease term. A material provision representing the estimated cost of this obligation is built up over the course of the lease. The estimates and assumptions used in the calculation of the provision are reviewed at least annually, and when information becomes available that is capable of causing a material change to an estimate, such as the renegotiation of end of lease return conditions, increased or decreased aircraft utilisation, or changes in the cost of heavy maintenance services and the expected uplift in future prices. A significant portion of the future maintenance costs and cost increases are under contract and provide certainty to the provision. Where cost increases are not under contract, an estimation of the likely future increases are made in the calculation of the provision. Given the significant value of the provision, the provision is sensitive to changes in the future increase of uncontracted costs. An additional 4% cost uplift on uncontracted costs over the future years used in the provision would result in a \u00a328 million increase in the provision. Additionally, with many maintenance costs incurred in US dollars, the provision remains sensitive to changes in the GBP/USD exchange rate. A significant +/- 10 cent change in the GBP/ USD exchange rate would impact the provision by -\u00a348 million/+\u00a356 million respectively. The rates used to discount the provision to arrive at a present value are based on observable market rates as an estimate of the relevant risk free rate. The provision can also be materially influenced by the maintenance status of aircraft when they enter the easyJet fleet. To give flexibility to the fleet plan easyJet may lease \u2018mid-life\u2019 aircraft. When mid-life aircraft enter the fleet, a \u2018catch-up\u2019 maintenance provision is created to reflect the maintenance obligation for the flying cycles undertaken before the aircraft entered the easyJet fleet. The trigger for such increases to the provision is the lease contract and as such any future mid-life lease events are not reflected in the current provision. It is of note that where contractually agreed a mid-life delivery asset is also created when the mid-life leased aircraft enter the fleet, creating a separate related asset on the statement of financial position. Goodwill and landing rights \u2013 \u00a3520 million (2022: \u00a3523 million) (note 10) It is management\u2019s judgment that there are two separate CGUs which generate largely independent cash flows, these being easyJet\u2019s Airline route network and its Holidays business. The recoverable amount of goodwill and landing rights has been determined based on value in use calculations for the airline route network CGU as they are wholly attributable to it. The value in use is determined by discounting future cash flows to their present value. When applying this method, easyJet relies on a number of key estimates including the ability to meet its strategic plans, future fuel prices and exchange rates, long-term economic growth rates for the principal countries in which it operates, and its pre-tax weighted average cost of capital. Strategic plans include assessments of the future impact of climate change on easyJet to the extent these can be estimated. This includes, for example, the future estimated price of ETS allowances, the phasing out of the free ETS allowances from 2024, the expected price and quantity required of SAF usage and currently estimated fleet renewals. The impact of longer- term climate change risks that are not part of the strategic plans has been considered as part of the stress testing and plausible scenarios modelled. Fuel prices and exchange rates continue to be volatile in nature and the ability to pass these changes on to the customer is a critical judgement that requires estimation. In addition, assumptions over customer demand levels could have a significant effect on the impairment assessment performed. Any future events that would lead to extended travel restrictions or fleet grounding may impact future impairment or useful economic life assessments. The stress testing considered as part of the overall impairment assessment takes into account different assumptions for these key estimates, see note 10 for details. Recoverability of deferred tax assets \u2013 \u00a3442 million (2022: \u00a3443 million) (note 6) The deferred tax asset balances include \u00a3442 million (2022: \u00a3443 million) arising on full recognition of the UK trading tax losses accumulated at the statement of financial position date. The Group has concluded that these deferred tax assets will be fully recoverable against the unwind of taxable temporary differences and future taxable income based on the long-term strategic plans of the Group. Where applicable the financial projections used in assessing future taxable income are consistent with those used elsewhere across the business, for example in the assessment of going concern. These assessments include the expected impact of climate change on easyJet, and the future financial impact within cash flow projections, including the future estimated price of ETS allowances, the phasing out of the free ETS allowances from 2024, the expected price and quantity required of SAF usage and fleet renewals. The tax losses for which a deferred tax asset has been recognised are expected to be utilised within the next six years, assessed by considering probable forecast future taxable income. The probable forecast future taxable income includes the impact of the expected unwind of taxable temporary differences as well as the effect of Full Expensing Relief for qualifying capital expenditure. Probable forecast future taxable income includes an incremental and increasing risk weighting to represent higher levels of uncertainty in future periods. The period over which the loss is utilised has been stress tested by assessing probable future taxable income for the next three years, based on the same risk weightings to those applied above, but assuming no profit growth from the end of a three year forecast period. The resultant reduction in forecast taxable profit calculated on this basis would extend the tax loss utilisation period by one year. The tax losses can be carried forward indefinitely and have no expiry date. In the 22 November 2023 Autumn Statement it was announced that full expensing relief, introduced in the Finance (No.2) Act 2023, for qualifying expenditure incurred from 1 April 2023 to 31 March 2026 will be made permanent. It is not substantively enacted at the statement of financial position date but the Group is assessing the impact it may have on the recoverability of deferred tax assets for subsequent financial years. Defined benefit pension assumptions \u2013 \u00a3152 million gross obligation (2022: \u00a3140 million gross obligation) (note 20) The Swiss pension scheme meets the requirements under IAS 19 to be recognised as a defined benefit pension scheme and the net pension obligation is recognised on the consolidated statement of financial position. The measurement of scheme assets and obligations are calculated by an independent actuary in line with IAS 19. The financial and demographic assumptions used in the calculation are determined by management following consultation with the independent actuary with consideration of external market movements and inputs. The calculation is most sensitive to movements in the discount rate applied, which has been subject to significant volatility. A sensitivity analysis is included in note 20. Liability for compensation payments \u2013 \u00a362 million (2022: \u00a374 million) (note 15) easyJet incurs liabilities for amounts payable to customers who make claims in respect of flight delays and cancellations, for which claims could be made up to six years after the event, and for reimbursement of reasonable expenses incurred as a result of flight delays and cancellations. The key estimation in the liability is the passenger claim rate for compensation payments. The estimation carries a level of uncertainty as it is based on customer behaviour. The basis of the estimates included in the liability are reviewed at least annually and when information becomes available that may result in a material change to the estimate. Should the claim rate for compensation paid to customers increase by 2% across the six- year liability period, it would result in an addition to the year end provision of \u00a315 million. Vouchers issued \u2013 \u00a358 million (2022: \u00a3111 million) (note 16) It is currently easyJet policy in the event of flight cancellations to offer customers the option to accept vouchers in lieu of cash refunds. The liability for these vouchers is classified under other payables until the voucher is redeemed against a future booking, when it is reclassified to unearned revenue. For airline flight vouchers, where the likelihood of the contractual right being exercised is considered to be remote, immaterial breakage has been applied. This has been estimated based on the utilisation rates experienced to date, and these liabilities have been taken to the consolidated income statement as revenue. The breakage was applied in the first half of the financial year ahead of a significant voucher expiry deadline later in the financial year. That deadline was subsequently extended into the next financial year to allow customers the maximum opportunity to utilise their vouchers. Utilisation patterns since this extension do not suggest that the breakage recognition should be reversed. For vouchers issued to customers in countries where regulations stipulate unused vouchers should be refunded to the customer before the expiry of the statutory period, the required refunds have been made. Applying breakage to the balance of the remaining airline flight vouchers at 30 September 2023 at a rate of 10% would result in a reduction in the liability of c.\u00a35 million.",
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"fact-480": {
"value": "2. NET FINANCE CHARGES 2023 \u00a3 million 2022 \u00a3 million Interest receivable and other financing income Interest income (132) (21) Hedge discontinuation and ineffectiveness1 \u2013 (5) (132) (26) Interest payable and other financing charges Hedge discontinuation and ineffectiveness1 1 \u2013 Interest payable on bank and other borrowings 132 98 Interest payable on lease liabilities 46 43 Other interest payable 1 2 180 143 Net exchange (gain)/loss on monetary assets and liabilities2 (27) 64 Net finance charges 21 181 1) See note 26 for details. 2) Included within net exchange (gain)/loss on monetary assets and liabilities is an \u00a384 million loss (2022: \u00a3127 million gain) relating to the fair value gain on US dollar foreign exchange derivatives designated as fair value through profit or loss.",
"dimensions": {
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"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-529": {
"value": "2. NET FINANCE CHARGES 2023 \u00a3 million 2022 \u00a3 million Interest receivable and other financing income Interest income (132) (21) Hedge discontinuation and ineffectiveness1 \u2013 (5) (132) (26) Interest payable and other financing charges Hedge discontinuation and ineffectiveness1 1 \u2013 Interest payable on bank and other borrowings 132 98 Interest payable on lease liabilities 46 43 Other interest payable 1 2 180 143 Net exchange (gain)/loss on monetary assets and liabilities2 (27) 64 Net finance charges 21 181 1) See note 26 for details. 2) Included within net exchange (gain)/loss on monetary assets and liabilities is an \u00a384 million loss (2022: \u00a3127 million gain) relating to the fair value gain on US dollar foreign exchange derivatives designated as fair value through profit or loss.",
"dimensions": {
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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},
"fact-516": {
"value": "2. NET FINANCE CHARGES 2023 \u00a3 million 2022 \u00a3 million Interest receivable and other financing income Interest income (132) (21) Hedge discontinuation and ineffectiveness1 \u2013 (5) (132) (26) Interest payable and other financing charges Hedge discontinuation and ineffectiveness1 1 \u2013 Interest payable on bank and other borrowings 132 98 Interest payable on lease liabilities 46 43 Other interest payable 1 2 180 143 Net exchange (gain)/loss on monetary assets and liabilities2 (27) 64 Net finance charges 21 181 1) See note 26 for details. 2) Included within net exchange (gain)/loss on monetary assets and liabilities is an \u00a384 million loss (2022: \u00a3127 million gain) relating to the fair value gain on US dollar foreign exchange derivatives designated as fair value through profit or loss.",
"dimensions": {
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-481": {
"value": "3. PROFIT/(LOSS) BEFORE TAX The following have been included in arriving at profit/(loss) before tax: 2023 \u00a3 million 2022 \u00a3 million Depreciation of property, plant and equipment Owned assets 271 264 Right of use assets 373 275 Loss on disposal of intangible assets 3 10 Loss on disposal of property, plant and equipment 10 7 (Reversal of impairment)/impairment of trade receivables (3) 7 Sale and leaseback loss \u2013 21 Auditor\u2019s remuneration During the year, the Company obtained the following services from the Company\u2019s auditor: 2023 \u00a3 million 2022 \u00a3 million Company audit fee 0.1 0.1 Fees for audit of the Company\u2019s subsidiaries and their associates (including foreign partners) 1.4 1.0 1.5 1.1 In addition, easyJet incurred audit-related non-audit services fees of \u00a30.2 million (2022: \u00a30.4 million) from its auditor. This includes the fee of \u00a30.1 million (2022: \u00a30.1 million) in respect of the half-year review performed. During the year, other assurance related non-audit services fees totalling \u00a30.3 million (2022: \u00a30.3 million) were also incurred, primarily in relation to our Airbus Proposed Purchase (2022: primarily in relation to working capital procedures associated with a Class 1 transaction). The final fees for the audit of the Company\u2019s subsidiaries and their associates (including foreign partners) for financial year ended 30 September 2022 were \u00a31.1 million.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-517": {
"value": "The following have been included in arriving at profit/(loss) before tax: 2023 \u00a3 million 2022 \u00a3 million Depreciation of property, plant and equipment Owned assets 271 264 Right of use assets 373 275 Loss on disposal of intangible assets 3 10 Loss on disposal of property, plant and equipment 10 7 (Reversal of impairment)/impairment of trade receivables (3) 7 Sale and leaseback loss \u2013 21 ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-518": {
"value": "Auditor\u2019s remuneration During the year, the Company obtained the following services from the Company\u2019s auditor: 2023 \u00a3 million 2022 \u00a3 million Company audit fee 0.1 0.1 Fees for audit of the Company\u2019s subsidiaries and their associates (including foreign partners) 1.4 1.0 1.5 1.1 In addition, easyJet incurred audit-related non-audit services fees of \u00a30.2 million (2022: \u00a30.4 million) from its auditor. This includes the fee of \u00a30.1 million (2022: \u00a30.1 million) in respect of the half-year review performed. During the year, other assurance related non-audit services fees totalling \u00a30.3 million (2022: \u00a30.3 million) were also incurred, primarily in relation to our Airbus Proposed Purchase (2022: primarily in relation to working capital procedures associated with a Class 1 transaction). The final fees for the audit of the Company\u2019s subsidiaries and their associates (including foreign partners) for financial year ended 30 September 2022 were \u00a31.1 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-482": {
"value": "4. EMPLOYEES The average monthly number of people employed by easyJet was: 2023 Number 2022 Number Flight and ground operations 14,598 12,906 Sales, marketing and administration 1,339 1,045 15,937 13,951 Employee costs for easyJet were: 2023 \u00a3 million 2022 \u00a3 million Wages and salaries 888 745 Social security costs 129 100 Pension costs 97 77 Share-based payments 18 26 1,132 948 Included in the pension costs is \u00a36 million (2022: \u00a37 million) related to pension schemes treated as a defined benefit scheme under IAS 19. Included in employee costs is a net debit of \u00a32 million (2022: \u00a3nil million) from redundancy and restructuring costs. The costs are the result of small-scale employee redundancy programmes in the year in addition to further non-headline costs arising from the previously announced restructuring programmes in Germany (see note 5 for further detail). The amounts received under government furlough schemes are offset against employee costs in the income statement. Refer to note 28 for further details. Key management compensation was as follows: 2023 \u00a3 million 2022 Restated1 \u00a3 million Short-term employee benefits 14 11 Share-based payments 2 3 16 14 1) Key management compensation has been restated to include bonus payments, the short-term employee benefits previously disclosed was \u00a37 million. The Directors of easyJet plc and the other members of the Airline Management Board are easyJet\u2019s key management as they have collective authority and responsibility for planning, directing and controlling the business. Emoluments paid or payable to the Directors of easyJet plc were: 2023 \u00a3 million 2022 \u00a3 million Remuneration 5 3 5 3 Details of Directors\u2019 remuneration are disclosed in the Directors\u2019 remuneration report on pages 113 to 130. ",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-483": {
"value": "5. NON-HEADLINE ITEMS An analysis of the amounts presented as non-headline is given below: Year ended 30 September 2023 \u00a3 million Year ended 30 September 2022 \u00a3 million Sale and leaseback loss \u2013 21 Restructuring charge 1 \u2013 Loss on disposal of landing rights 3 10 Fair value adjustment and hedge discontinuation credit \u2013 (1) Correction of prior year error 19 \u2013 Total non-headline charge before tax 23 30 Tax credit on non-headline items (6) (8) Total non-headline charge after tax 17 22 Sale and leaseback loss During the year, easyJet completed the sale and leaseback of eight A319 aircraft (2022: ten). There was a \u00a3nil million impact in the income statement (\u00a36 million loss recognised in other costs offset by \u00a36 million gain recognised in other income) for the sale and leaseback of the eight aircraft during the year (2022: \u00a321 million loss recognised in other costs). Restructuring As a result of the downsizing of operations at Berlin Brandenburg Airport, announced in the previous financial year, in the current year easyJet returned an additional number of landing right \u2018slots\u2019 held at the airport relating to our summer 2023 flying schedule. As noted last year, the slots in Berlin were acquired as part of the acquisition of Air Berlin\u2019s operations in 2017. An allocation of the purchase price to the surrendered slots has been estimated and, as no consideration was received in return for giving back the slots, recognised as a loss on disposal of an intangible asset. This resulted in a non-headline restructuring charge of \u00a33 million (2022: \u00a310 million). Additionally, net restructuring charges of \u00a31 million (2022: \u00a3nil million) representing additional costs arising from previously announced restructuring programmes in Germany, have been incurred in the period. As at 30 September 2023, there were unpaid amounts of \u00a36 million (2022: \u00a315 million) representing remaining redundancy cases which have not been finalised and settled at the end of the financial year. Hedge discontinuation Hedge discontinuation relates to the cumulative fair value of financial derivatives at the time of being discontinued from a previous hedge accounting relationship. No hedges were discontinued in the year ended 30 September 2023. In accordance with IFRS 9, hedge effectiveness testing is performed on a regular, periodic basis. For cash flow hedges this includes an assessment of highly probable future cash exposures with the amount compared to the notional value of derivatives held in a hedge relationship. In the year ending 30 September 2022, this resulted in a \u00a31 million net credit related to these discontinued derivatives held in other comprehensive income being immediately recorded in the income statement. Correction of prior year error In performing a review of foreign currency translation, an immaterial error was identified in a third-party system relating to aircraft lease modifications which occurred in FY21 and the depreciation of the corresponding right of use assets. The required correction to the statement of financial position at 30 September 2023 of \u00a319 million has been posted to depreciation on those right of use assets. This has been disclosed as a non-headline item as it is an irregular, immaterial error orginating in an earlier financial year. Tax on non-headline items After the necessary tax adjustments, which principally relate to the sale and leaseback transactions in both the current and comparative periods, there is a non-headline tax credit of \u00a36 million (2022: \u00a38 million) for the year",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-484": {
"value": "6. TAX (CHARGE)/CREDIT Tax on profit/(loss) on ordinary activities 2023 \u00a3 million 2022 \u00a3 million Current tax Foreign tax 11 7 Total current tax charge 11 7 Deferred tax Temporary differences relating to property, plant and equipment 76 (50) Other temporary differences 24 (2) Adjustments in respect of prior years (3) 2 Remeasurement of opening balances due to change in tax rates \u2013 4 Total deferred tax charge/(credit) 97 (46) Total tax charge/(credit) 108 (39) Effective tax rate 25.1% 18.7% Reconciliation of the total tax charge/(credit) The tax for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK as set out below: 2023 \u00a3 million 2022 \u00a3 million Profit/(loss)before tax 432 (208) Tax charge/(credit) at 22.0% (2022: 19.0%) 95 (40) Income not chargeable for tax purposes: Expenses not deductible for tax purposes 8 5 Share-based payments (3) 2 Adjustments in respect of prior years \u2013 deferred tax (3) 2 Difference in applicable rates for current and deferred tax 12 (12) Attributable to rates other than standard UK rate (1) 1 Change in substantively enacted tax rate \u2013 4 Movement in provisions \u2013 (1) Total tax charge/(credit) 108 (39) Current tax payable at 30 September 2023 amounted to \u00a33 million (2022: \u00a35 million payable) which is solely related to tax payable in other European jurisdictions. During the year ended 30 September 2023, net cash tax paid amounted to \u00a312 million (2022: \u00a34 million net cash tax paid). The Finance Act 2021 confirmed an increase of the UK corporation tax rate from 19% to 25% with effect from 1 April 2023 and as such, the blended statutory current tax rate for the year ended 30 September 2023 is 22%. Temporary differences have been measured using the enacted tax rates that are expected to apply when the liability is settled or the asset is realised, which is 25%. On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15%. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. This will therefore apply to the Group for the year ended 30 September 2025 onwards. The Group has applied the exception allowed by an amendment to IAS 12 to recognising and disclosing information about deferred tax assets and liabilities related to top-up income taxes. Tax on items recognised directly in other comprehensive (loss)/income or shareholders\u2019 equity: 2023 \u00a3 million 2022 \u00a3 million Credit/(charge) to other comprehensive (loss)/income Deferred tax on change in fair value of cash flow hedges 14 (13) Deferred tax on post-employment benefit (1) (10) Deferred tax The net deferred tax (asset)/liability in the statement of financial position is as follows: Accelerated capital allowances \u00a3 million Short-term timing differences \u00a3 million Fair value (gains)/losses \u00a3 million Share-based payments \u00a3 million Post- employment benefit obligation \u00a3 million Trading loss \u00a3 million Total \u00a3 million At 1 October 2022 341 (26) 68 (1) (1) (443) (62) Charged/(credited) to income statement 73 27 \u2013 (3) (1) 1 97 Charged to other comprehensive loss \u2013 \u2013 (14) \u2013 1 \u2013 (13) At 30 September 2023 414 1 54 (4) (1) (442) 22 Deferred tax liabilities expected to be settled: \u00a3 million Within 12 months \u2013 After more than 12 months 22 At 30 September 2023 22 Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and it is the intention to settle these on a net basis. Accelerated capital allowances \u00a3 million Short-term timing differences \u00a3 million Fair value (gains)/losses \u00a3 million Share-based payments \u00a3 million Post- employment benefit obligation \u00a3 million Trading loss \u00a3 million Total \u00a3 million At 1 October 2021 373 (26) 51 (3) (9) (425) (39) Charged/(credited) to income statement (32) \u2013 4 2 (2) (18) (46) Charged to other comprehensive income \u2013 \u2013 13 \u2013 10 \u2013 23 At 30 September 2022 341 (26) 68 (1) (1) (443) (62)",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-519": {
"value": "Deferred tax The net deferred tax (asset)/liability in the statement of financial position is as follows: Accelerated capital allowances \u00a3 million Short-term timing differences \u00a3 million Fair value (gains)/losses \u00a3 million Share-based payments \u00a3 million Post- employment benefit obligation \u00a3 million Trading loss \u00a3 million Total \u00a3 million At 1 October 2022 341 (26) 68 (1) (1) (443) (62) Charged/(credited) to income statement 73 27 \u2013 (3) (1) 1 97 Charged to other comprehensive loss \u2013 \u2013 (14) \u2013 1 \u2013 (13) At 30 September 2023 414 1 54 (4) (1) (442) 22 Deferred tax liabilities expected to be settled: \u00a3 million Within 12 months \u2013 After more than 12 months 22 At 30 September 2023 22 Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and it is the intention to settle these on a net basis. Accelerated capital allowances \u00a3 million Short-term timing differences \u00a3 million Fair value (gains)/losses \u00a3 million Share-based payments \u00a3 million Post- employment benefit obligation \u00a3 million Trading loss \u00a3 million Total \u00a3 million At 1 October 2021 373 (26) 51 (3) (9) (425) (39) Charged/(credited) to income statement (32) \u2013 4 2 (2) (18) (46) Charged to other comprehensive income \u2013 \u2013 13 \u2013 10 \u2013 23 At 30 September 2022 341 (26) 68 (1) (1) (443) (62)",
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"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-485": {
"value": "7. EARNINGS/(LOSS) PER SHARE Basic earnings/(loss) per share has been calculated by dividing the total profit/(loss) for the year by the weighted average number of shares in issue during the year after adjusting for shares held in employee benefit trusts. To calculate diluted earnings/(loss) per share, the weighted average number of ordinary shares in issue has been adjusted to assume conversion of all dilutive potential shares. Share options granted to employees where the exercise price is less than the average market price of the Company\u2019s ordinary shares during the year are considered to be dilutive potential shares. Where share options are exercisable based on performance criteria and those performance criteria have been met during the year, these options are included in the calculation of dilutive potential shares. The calculation of diluted loss per share does not assume conversion, exercise, or other issue of potential ordinary shares that would have an antidilutive effect on earnings per share. Headline basic and diluted earnings/(loss) per share are also presented, based on headline profit/(loss) for the year. Earnings/(loss) per share is based on: 2023 \u00a3 million 2022 \u00a3 million Headline profit/(loss) for the year 341 (147) Total profit/(loss) for the year 324 (169) 2023 million 2022 million Weighted average number of ordinary shares used to calculate basic earnings/(loss) per share 751 753 Weighted average number of ordinary shares used to calculate diluted earnings/(loss) per share 758 753 Earnings/(loss) per share 2023 pence 2022 pence Basic 43.1 (22.4) Diluted 42.7 (22.4) Headline earnings/(loss) per share 2023 pence 2022 pence Basic 45.4 (19.6) Diluted 45.0 (19.6)",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
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"fact-486": {
"value": "8. SEGMENTAL AND GEOGRAPHICAL REVENUE REPORTING
Segmental analysis:
Year ended 30 September 2023
Airline
\u00a3 million
Holidays
\u00a3 million
Intergroup
transactions
\u00a3 million
Group
\u00a3 million
Passenger revenue 5,221 \u2013 \u2013 5,221
Ancillary revenue 2,174 1,047 (271) 2,950
Total revenue 7,3 95 1,047 (271) 8,171
Airline operating costs including fuel (5,537) \u2013 \u2013 (5,537)
Holidays direct operating costs \u2013 (842) 260 (582)
Selling and marketing (189) (43) \u2013 (232)
Other costs and other income (654) (47) 11 (690)
Amortisation, depreciation and dry leasing (649) (5) \u2013 (654)
Net interest (payable)/receivable and other
financing income/(charges) (59) 11 \u2013 (48)
Foreign exchange gain 26 1 \u2013 27
Headline profit before tax 333 122 \u2013 455
Non-headline items (23) \u2013 \u2013 (23)
Total profit before tax 310 122 \u2013 432
Year ended 30 September 2022 (re-presented) Airline \u00a3 million Holidays \u00a3 million Intergroup transactions \u00a3 million Group \u00a3 million Passenger revenue 3,816 \u2013 \u2013 3,816 Ancillary revenue 1,585 495 (127) 1,953 Tota l revenue 5,401 495 (127) 5,769 Airline operating costs including fuel (4,129) \u2013 \u2013 (4,129) Holidays direct operating costs* \u2013 (400) 127 (273) Selling and marketing* (153) (20) \u2013 (173) Other costs and other income (593) (32) \u2013 (625) Amortisation, depreciation and dry leasing* (562) (4) \u2013 (566) Net interest (payable)/receivable and other financing income/(charges)* (117) \u2013 \u2013 (117) Foreign exchange loss (63) (1) \u2013 (64) Headline (loss)/profit before tax (216) 38 \u2013 (178) Non-headline items (30) \u2013 \u2013 (30) Total (loss)/profit before tax (246) 38 \u2013 (208) The presentation of this note has been expanded in the current year to provide further information to the users of the financial statements; additional financial statement line items are marked in the above table with an *. Note that airline operating costs including fuel comprises operating costs that relate solely to the airline segment, and similarly holidays direct operating costs are costs specific to the Holidays segment. All other costs are incurred by both the Airline and Holidays segments. The prior year has been re-presented in order to show the information on a consistent basis. This revised presentation reflects the increased granularity of the Holidays segment available to the CODM and plc Board. As described in note 1, airline revenue is recognised at a point in time (when the flight takes place). The Holidays revenue detailed in this note includes both flight revenue, recognised at the time the flight takes place, and remaining ancillary revenue which is recognised over time, aligned to the duration of the holiday. The holidays flight revenue is included in this note within ancillary revenue (with the associated intergroup transaction) aligned to the presentation of revenue to the CODM and plc Board. The intergroup transactions column represents revenue and cost transactions between Airline and Holidays for the flight element of holiday packages. These intercompany transactions are eliminated on consolidation. Assets and liabilities are not allocated to individual segments and are not separately reported to, or reviewed by, the CODM, and therefore have not been disclosed. Geographical revenue: 2023 \u00a3 million 2022 (re-presented) \u00a3 million United Kingdom 4,345 2,845 France 852 674 Switzerland 791 626 Northern Europe (excluding Switzerland) 610 537 Southern Europe (excluding France) 1,434 995 Other 139 92 8,171 5,769 easyJet has assessed the materiality of geographical revenues and has disclosed revenues by country of origin where such revenues are in excess of 10% of total revenue. For the year ended 30 September 2023, this included separate presentation of France and Switzerland which were previously included in Southern Europe and Northern Europe respectively. The prior year has therefore been re-presented in order to show the information on a consistent basis. Geographical revenue is allocated according to the location of the first departure airport on each booking. Southern Europe comprises countries lying wholly or mainly south of the border between Italy and Switzerland. easyJet holidays\u2019 revenue is generated wholly from the United Kingdom. easyJet\u2019s non-current assets principally comprise its fleet of 183 (2022: 181) owned and 153 (2022: 139) leased aircraft, giving a total fleet of 336 at 30 September 2023 (2022: 320). easyJet stored nil aircraft under power by the hour agreements (2022: 3). 27 aircraft (2022: 27) are registered in Switzerland, 128 (2022: 132) are registered in Austria, nil (2022: 4) are registered in the Cayman Islands, and the remaining 181 (2022: 160) are registered in the United Kingdom.",
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"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-520": {
"value": "8. SEGMENTAL AND GEOGRAPHICAL REVENUE REPORTING Segmental analysis: Year ended 30 September 2023 Airline \u00a3 million Holidays \u00a3 million Intergroup transactions \u00a3 million Group \u00a3 million Passenger revenue 5,221 \u2013 \u2013 5,221 Ancillary revenue 2,174 1,047 (271) 2,950 Total revenue 7,3 95 1,047 (271) 8,171 Airline operating costs including fuel (5,537) \u2013 \u2013 (5,537) Holidays direct operating costs \u2013 (842) 260 (582) Selling and marketing (189) (43) \u2013 (232) Other costs and other income (654) (47) 11 (690) Amortisation, depreciation and dry leasing (649) (5) \u2013 (654) Net interest (payable)/receivable and other financing income/(charges) (59) 11 \u2013 (48) Foreign exchange gain 26 1 \u2013 27 Headline profit before tax 333 122 \u2013 455 Non-headline items (23) \u2013 \u2013 (23) Total profit before tax 310 122 \u2013 432 Year ended 30 September 2022 (re-presented) Airline \u00a3 million Holidays \u00a3 million Intergroup transactions \u00a3 million Group \u00a3 million Passenger revenue 3,816 \u2013 \u2013 3,816 Ancillary revenue 1,585 495 (127) 1,953 Tota l revenue 5,401 495 (127) 5,769 Airline operating costs including fuel (4,129) \u2013 \u2013 (4,129) Holidays direct operating costs* \u2013 (400) 127 (273) Selling and marketing* (153) (20) \u2013 (173) Other costs and other income (593) (32) \u2013 (625) Amortisation, depreciation and dry leasing* (562) (4) \u2013 (566) Net interest (payable)/receivable and other financing income/(charges)* (117) \u2013 \u2013 (117) Foreign exchange loss (63) (1) \u2013 (64) Headline (loss)/profit before tax (216) 38 \u2013 (178) Non-headline items (30) \u2013 \u2013 (30) Total (loss)/profit before tax (246) 38 \u2013 (208) The presentation of this note has been expanded in the current year to provide further information to the users of the financial statements; additional financial statement line items are marked in the above table with an *. Note that airline operating costs including fuel comprises operating costs that relate solely to the airline segment, and similarly holidays direct operating costs are costs specific to the Holidays segment. All other costs are incurred by both the Airline and Holidays segments. The prior year has been re-presented in order to show the information on a consistent basis. This revised presentation reflects the increased granularity of the Holidays segment available to the CODM and plc Board. As described in note 1, airline revenue is recognised at a point in time (when the flight takes place). The Holidays revenue detailed in this note includes both flight revenue, recognised at the time the flight takes place, and remaining ancillary revenue which is recognised over time, aligned to the duration of the holiday. The holidays flight revenue is included in this note within ancillary revenue (with the associated intergroup transaction) aligned to the presentation of revenue to the CODM and plc Board. The intergroup transactions column represents revenue and cost transactions between Airline and Holidays for the flight element of holiday packages. These intercompany transactions are eliminated on consolidation. Assets and liabilities are not allocated to individual segments and are not separately reported to, or reviewed by, the CODM, and therefore have not been disclosed. Geographical revenue: 2023 \u00a3 million 2022 (re-presented) \u00a3 million United Kingdom 4,345 2,845 France 852 674 Switzerland 791 626 Northern Europe (excluding Switzerland) 610 537 Southern Europe (excluding France) 1,434 995 Other 139 92 8,171 5,769 easyJet has assessed the materiality of geographical revenues and has disclosed revenues by country of origin where such revenues are in excess of 10% of total revenue. For the year ended 30 September 2023, this included separate presentation of France and Switzerland which were previously included in Southern Europe and Northern Europe respectively. The prior year has therefore been re-presented in order to show the information on a consistent basis. Geographical revenue is allocated according to the location of the first departure airport on each booking. Southern Europe comprises countries lying wholly or mainly south of the border between Italy and Switzerland. easyJet holidays\u2019 revenue is generated wholly from the United Kingdom. easyJet\u2019s non-current assets principally comprise its fleet of 183 (2022: 181) owned and 153 (2022: 139) leased aircraft, giving a total fleet of 336 at 30 September 2023 (2022: 320). easyJet stored nil aircraft under power by the hour agreements (2022: 3). 27 aircraft (2022: 27) are registered in Switzerland, 128 (2022: 132) are registered in Austria, nil (2022: 4) are registered in the Cayman Islands, and the remaining 181 (2022: 160) are registered in the United Kingdom.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-530": {
"value": "Geographical revenue: 2023 \u00a3 million 2022 (re-presented) \u00a3 million United Kingdom 4,345 2,845 France 852 674 Switzerland 791 626 Northern Europe (excluding Switzerland) 610 537 Southern Europe (excluding France) 1,434 995 Other 139 92 8,171 5,769 easyJet has assessed the materiality of geographical revenues and has disclosed revenues by country of origin where such revenues are in excess of 10% of total revenue. For the year ended 30 September 2023, this included separate presentation of France and Switzerland which were previously included in Southern Europe and Northern Europe respectively. The prior year has therefore been re-presented in order to show the information on a consistent basis. Geographical revenue is allocated according to the location of the first departure airport on each booking. Southern Europe comprises countries lying wholly or mainly south of the border between Italy and Switzerland. easyJet holidays\u2019 revenue is generated wholly from the United Kingdom. easyJet\u2019s non-current assets principally comprise its fleet of 183 (2022: 181) owned and 153 (2022: 139) leased aircraft, giving a total fleet of 336 at 30 September 2023 (2022: 320). easyJet stored nil aircraft under power by the hour agreements (2022: 3). 27 aircraft (2022: 27) are registered in Switzerland, 128 (2022: 132) are registered in Austria, nil (2022: 4) are registered in the Cayman Islands, and the remaining 181 (2022: 160) are registered in the United Kingdom.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-487": {
"value": "9. DIVIDENDS No dividend was paid in the year ending 30 September 2023 or 30 September 2022. An ordinary dividend in respect of the year ended 30 September 2023 of 4.5 pence per share, or \u00a334 million, based on 10% headline profit after tax, is to be proposed at the forthcoming Annual General Meeting. These financial statements do not reflect this proposed dividend.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-488": {
"value": "10. GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
\u00a3 million
Other intangible assets
Landing
rights
\u00a3 million
Computer
software
\u00a3 million
Total
\u00a3 million
Cost
At 1 October 2022 365 158 135 293
Additions \u2013 \u2013 91 91
Disposals \u2013 (3) (11) (14)
At 30 September 2023 365 155 215 370
Accumulated amortisation
At 1 October 2022 \u2013 \u2013 76 76
Charge for the year \u2013 \u2013 29 29
Disposals \u2013 \u2013 (11) (11)
At 30 September 2023 \u2013 \u2013 94 94
Net book value
At 30 September 2023 365 155 121 276
At 1 October 2022 365 158 59 217
Goodwill
\u00a3 million
Other intangible assets
Landing
rights
\u00a3 million
Computer
software
\u00a3 million
Total
\u00a3 million
Cost
At 1 October 2021 365 168 100 268
Additions \u2013 \u2013 35 35
Disposals \u2013 (10) \u2013 (10)
At 30 September 2022 365 158 135 293
Accumulated amortisation
At 1 October 2021 \u2013 \u2013 51 51
Charge for the year \u2013 \u2013 25 25
At 30 September 2022 \u2013 \u2013 76 76
Net book value
At 30 September 2022 365 158 59 217
At 1 October 2021 365 168 49 217
Included within computer software, are internally generated intangible assets of \u00a349 million (2022: \u00a339
million, restated from \u00a325 million due to a change in categorisation), and work in progress of \u00a362 million
(2022: \u00a325 million).
Value in use calculation
The recoverable amount of goodwill and other assets with indefinite expected useful lives has been
determined based on value in use calculations for the airline route network CGU, which holds these assets.
Pre-tax cash flow projections have been derived from the strategic plan approved by the plc Board for
the period up to 2028, using the following key assumptions:
2023 2022
Pre-tax discount rate (derived from weighted average cost of capital,
WACC) 11.4% 12.2%
Fuel price (US dollars per metric tonne, MT) 751 1,010
Long-term economic growth rate 2.0% 2.0%
Exchange rates:
US dollar 1.27 1.11
Euro 1.16 1.14
The annual impairment review has previously been carried out as at 30 September. In the current year,
the review was performed based on 30 June 2023 inputs in order to align with internal planning
timelines; 30 June will continue to be the date used going forward, in accordance with IAS 36.
The discount rate has been calculated based on the capital asset pricing model using external inputs where
relevant and the current cost of debt to the Group. The methodology is unchanged from the prior year. The
decrease in the discount rate has been driven primarily by a decrease in the cost of debt since the prior year
end. Both fuel price and exchange rates are volatile in nature. The fuel price has decreased significantly from
$1,010 /MT at 30 September 2022 to $751/MT as at 30 June 2023, reflecting the change in the underlying fuel
prices. Exchange rates and fuel price are based on spot rates as at 30 June 2023.
Cash flow projections for the period up to 2028 incorporate the long-term prospects of the Group,
taking into account growth expected by way of creating value through the business model. Cash flow
projections beyond the forecast period have been extrapolated using an estimated average of long-term
economic growth rates for the principal countries in which easyJet operates. The future impact of
climate change on the business has been incorporated into strategic plans, including the estimated
financial impact within the base case cash flow projections of the future estimated price of ETS
allowances, the phasing out of the free ETS allowances from 2024, the expected price and quantity
required of SAF usage, and fleet renewals.
The headroom of the value in use calculation over the carrying value of the relevant assets has increased
compared to 30 September 2022. This is primarily due to the strengthening of sterling against the US
dollar and the associated impact on costs including fuel, as well as the decrease in the discount rate.
Stress testing has been performed on key inputs to the value in use calculation, including the
assumptions listed above and the strategic plan used as the base for the calculation. The impairment
model is sensitive to a sustained and significant adverse movement in foreign currency exchange rates
(other than movements that are included in the fuel pass-through assumption) and forecast operating
profits to the extent that no other compensating action is taken. It has been assumed that any
significant future fuel price increase would be recovered through revenue pass through. Individual
scenarios that have been deemed reasonably probable, in particular in relation to the current macro-
economic environment, do not give rise to an impairment. These scenarios include +/-10% on euro and
US dollar rates, +100 bps increase in WACC, reduced capacity of 5%, increased operating costs
(excluding fuel) of 3%, a fuel price increase of $100 per metric tonne and a flat growth rate.
Additional risks associated with climate change have also been stress tested, including sensitivities of
SAF usage and ETS costs, additional legal and technology costs, reduced demand and increased cost
of maintenance and replacement aircraft. These scenarios, both individually and in reasonably probable
combinations, do not give rise to an impairment.
Current intangible assets
2023
\u00a3 million
2022
\u00a3 million
Carbon offsetting VER 7 14
EU ETS, CH ETS and UK ETS carbon allowances 669 481
676 495
ETS allowances are required to offset the carbon emitted by flights. The scheme is settled on an annual
basis. The allowances required for annual settlement are held as current intangible assets, with the
associated liability included within accruals in trade and other payables (note 15).
",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-521": {
"value": "10. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill \u00a3 million Other intangible assets Landing rights \u00a3 million Computer software \u00a3 million Total \u00a3 million Cost At 1 October 2022 365 158 135 293 Additions \u2013 \u2013 91 91 Disposals \u2013 (3) (11) (14) At 30 September 2023 365 155 215 370 Accumulated amortisation At 1 October 2022 \u2013 \u2013 76 76 Charge for the year \u2013 \u2013 29 29 Disposals \u2013 \u2013 (11) (11) At 30 September 2023 \u2013 \u2013 94 94 Net book value At 30 September 2023 365 155 121 276 At 1 October 2022 365 158 59 217 Goodwill \u00a3 million Other intangible assets Landing rights \u00a3 million Computer software \u00a3 million Total \u00a3 million Cost At 1 October 2021 365 168 100 268 Additions \u2013 \u2013 35 35 Disposals \u2013 (10) \u2013 (10) At 30 September 2022 365 158 135 293 Accumulated amortisation At 1 October 2021 \u2013 \u2013 51 51 Charge for the year \u2013 \u2013 25 25 At 30 September 2022 \u2013 \u2013 76 76 Net book value At 30 September 2022 365 158 59 217 At 1 October 2021 365 168 49 217 Included within computer software, are internally generated intangible assets of \u00a349 million (2022: \u00a339 million, restated from \u00a325 million due to a change in categorisation), and work in progress of \u00a362 million (2022: \u00a325 million). Value in use calculation The recoverable amount of goodwill and other assets with indefinite expected useful lives has been determined based on value in use calculations for the airline route network CGU, which holds these assets. Pre-tax cash flow projections have been derived from the strategic plan approved by the plc Board for the period up to 2028, using the following key assumptions: 2023 2022 Pre-tax discount rate (derived from weighted average cost of capital, WACC) 11.4% 12.2% Fuel price (US dollars per metric tonne, MT) 751 1,010 Long-term economic growth rate 2.0% 2.0% Exchange rates: US dollar 1.27 1.11 Euro 1.16 1.14 The annual impairment review has previously been carried out as at 30 September. In the current year, the review was performed based on 30 June 2023 inputs in order to align with internal planning timelines; 30 June will continue to be the date used going forward, in accordance with IAS 36. The discount rate has been calculated based on the capital asset pricing model using external inputs where relevant and the current cost of debt to the Group. The methodology is unchanged from the prior year. The decrease in the discount rate has been driven primarily by a decrease in the cost of debt since the prior year end. Both fuel price and exchange rates are volatile in nature. The fuel price has decreased significantly from $1,010 /MT at 30 September 2022 to $751/MT as at 30 June 2023, reflecting the change in the underlying fuel prices. Exchange rates and fuel price are based on spot rates as at 30 June 2023. Cash flow projections for the period up to 2028 incorporate the long-term prospects of the Group, taking into account growth expected by way of creating value through the business model. Cash flow projections beyond the forecast period have been extrapolated using an estimated average of long-term economic growth rates for the principal countries in which easyJet operates. The future impact of climate change on the business has been incorporated into strategic plans, including the estimated financial impact within the base case cash flow projections of the future estimated price of ETS allowances, the phasing out of the free ETS allowances from 2024, the expected price and quantity required of SAF usage, and fleet renewals. The headroom of the value in use calculation over the carrying value of the relevant assets has increased compared to 30 September 2022. This is primarily due to the strengthening of sterling against the US dollar and the associated impact on costs including fuel, as well as the decrease in the discount rate. Stress testing has been performed on key inputs to the value in use calculation, including the assumptions listed above and the strategic plan used as the base for the calculation. The impairment model is sensitive to a sustained and significant adverse movement in foreign currency exchange rates (other than movements that are included in the fuel pass-through assumption) and forecast operating profits to the extent that no other compensating action is taken. It has been assumed that any significant future fuel price increase would be recovered through revenue pass through. Individual scenarios that have been deemed reasonably probable, in particular in relation to the current macro- economic environment, do not give rise to an impairment. These scenarios include +/-10% on euro and US dollar rates, +100 bps increase in WACC, reduced capacity of 5%, increased operating costs (excluding fuel) of 3%, a fuel price increase of $100 per metric tonne and a flat growth rate. Additional risks associated with climate change have also been stress tested, including sensitivities of SAF usage and ETS costs, additional legal and technology costs, reduced demand and increased cost of maintenance and replacement aircraft. These scenarios, both individually and in reasonably probable combinations, do not give rise to an impairment. Current intangible assets 2023 \u00a3 million 2022 \u00a3 million Carbon offsetting VER 7 14 EU ETS, CH ETS and UK ETS carbon allowances 669 481 676 495 ETS allowances are required to offset the carbon emitted by flights. The scheme is settled on an annual basis. The allowances required for annual settlement are held as current intangible assets, with the associated liability included within accruals in trade and other payables (note 15).",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-531": {
"value": "10. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill \u00a3 million Other intangible assets Landing rights \u00a3 million Computer software \u00a3 million Total \u00a3 million Cost At 1 October 2022 365 158 135 293 Additions \u2013 \u2013 91 91 Disposals \u2013 (3) (11) (14) At 30 September 2023 365 155 215 370 Accumulated amortisation At 1 October 2022 \u2013 \u2013 76 76 Charge for the year \u2013 \u2013 29 29 Disposals \u2013 \u2013 (11) (11) At 30 September 2023 \u2013 \u2013 94 94 Net book value At 30 September 2023 365 155 121 276 At 1 October 2022 365 158 59 217 Goodwill \u00a3 million Other intangible assets Landing rights \u00a3 million Computer software \u00a3 million Total \u00a3 million Cost At 1 October 2021 365 168 100 268 Additions \u2013 \u2013 35 35 Disposals \u2013 (10) \u2013 (10) At 30 September 2022 365 158 135 293 Accumulated amortisation At 1 October 2021 \u2013 \u2013 51 51 Charge for the year \u2013 \u2013 25 25 At 30 September 2022 \u2013 \u2013 76 76 Net book value At 30 September 2022 365 158 59 217 At 1 October 2021 365 168 49 217 Included within computer software, are internally generated intangible assets of \u00a349 million (2022: \u00a339 million, restated from \u00a325 million due to a change in categorisation), and work in progress of \u00a362 million (2022: \u00a325 million). Value in use calculation The recoverable amount of goodwill and other assets with indefinite expected useful lives has been determined based on value in use calculations for the airline route network CGU, which holds these assets. Pre-tax cash flow projections have been derived from the strategic plan approved by the plc Board for the period up to 2028, using the following key assumptions: 2023 2022 Pre-tax discount rate (derived from weighted average cost of capital, WACC) 11.4% 12.2% Fuel price (US dollars per metric tonne, MT) 751 1,010 Long-term economic growth rate 2.0% 2.0% Exchange rates: US dollar 1.27 1.11 Euro 1.16 1.14 The annual impairment review has previously been carried out as at 30 September. In the current year, the review was performed based on 30 June 2023 inputs in order to align with internal planning timelines; 30 June will continue to be the date used going forward, in accordance with IAS 36. The discount rate has been calculated based on the capital asset pricing model using external inputs where relevant and the current cost of debt to the Group. The methodology is unchanged from the prior year. The decrease in the discount rate has been driven primarily by a decrease in the cost of debt since the prior year end. Both fuel price and exchange rates are volatile in nature. The fuel price has decreased significantly from $1,010 /MT at 30 September 2022 to $751/MT as at 30 June 2023, reflecting the change in the underlying fuel prices. Exchange rates and fuel price are based on spot rates as at 30 June 2023. Cash flow projections for the period up to 2028 incorporate the long-term prospects of the Group, taking into account growth expected by way of creating value through the business model. Cash flow projections beyond the forecast period have been extrapolated using an estimated average of long-term economic growth rates for the principal countries in which easyJet operates. The future impact of climate change on the business has been incorporated into strategic plans, including the estimated financial impact within the base case cash flow projections of the future estimated price of ETS allowances, the phasing out of the free ETS allowances from 2024, the expected price and quantity required of SAF usage, and fleet renewals. The headroom of the value in use calculation over the carrying value of the relevant assets has increased compared to 30 September 2022. This is primarily due to the strengthening of sterling against the US dollar and the associated impact on costs including fuel, as well as the decrease in the discount rate. Stress testing has been performed on key inputs to the value in use calculation, including the assumptions listed above and the strategic plan used as the base for the calculation. The impairment model is sensitive to a sustained and significant adverse movement in foreign currency exchange rates (other than movements that are included in the fuel pass-through assumption) and forecast operating profits to the extent that no other compensating action is taken. It has been assumed that any significant future fuel price increase would be recovered through revenue pass through. Individual scenarios that have been deemed reasonably probable, in particular in relation to the current macro- economic environment, do not give rise to an impairment. These scenarios include +/-10% on euro and US dollar rates, +100 bps increase in WACC, reduced capacity of 5%, increased operating costs (excluding fuel) of 3%, a fuel price increase of $100 per metric tonne and a flat growth rate. Additional risks associated with climate change have also been stress tested, including sensitivities of SAF usage and ETS costs, additional legal and technology costs, reduced demand and increased cost of maintenance and replacement aircraft. These scenarios, both individually and in reasonably probable combinations, do not give rise to an impairment. Current intangible assets 2023 \u00a3 million 2022 \u00a3 million Carbon offsetting VER 7 14 EU ETS, CH ETS and UK ETS carbon allowances 669 481 676 495 ETS allowances are required to offset the carbon emitted by flights. The scheme is settled on an annual basis. The allowances required for annual settlement are held as current intangible assets, with the associated liability included within accruals in trade and other payables (note 15).",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-489": {
"value": "11. PROPERTY, PLANT AND EQUIPMENT Owned assets Right of use assets Aircraft and spares \u00a3 million Land and buildings \u00a3 million Other \u00a3 million Aircraft and spares \u00a3 million Other \u00a3 million Total \u00a3 million Cost 1 October 2022 4,988 44 68 2,416 45 7, 5 61 Additions 604 \u2013 14 292 18 928 Aircraft sold and leased back (165) \u2013 \u2013 44 \u2013 (121) Disposals1 (31) \u2013 (4) (100) (15) (150) At 30 September 2023 5,396 44 78 2,652 48 8,218 Accumulated depreciation At 1 October 2022 1,390 \u2013 28 1,479 35 2,932 Charge for the year 263 \u2013 8 368 5 644 Aircraft sold and leased back (86) \u2013 \u2013 \u2013 \u2013 (86) Disposals1 (17) \u2013 (4) (100) (15) (136) At 30 September 2023 1,550 \u2013 32 1,747 25 3,354 Net book value At 30 September 2023 3,846 44 46 905 23 4,864 At 1 October 2022 3,598 44 40 937 10 4,629 Owned assets Right of use assets Aircraft and spares \u00a3 million Land and buildings \u00a3 million Other \u00a3 million Aircraft and spares \u00a3 million Other \u00a3 million Total \u00a3 million Cost At 1 October 2021 4,802 44 55 2,335 45 7, 2 8 1 Additions2 414 \u2013 14 120 \u2013 548 Aircraft sold and leased back (216) \u2013 \u2013 25 \u2013 (191) Disposals (12) \u2013 (1) (64) \u2013 (77) At 30 September 2022 4,988 44 68 2,416 45 7, 561 Accumulated depreciation At 1 October 2021 1,243 \u2013 19 1,255 29 2,546 Charge for the year 255 \u2013 9 269 6 539 Aircraft sold and leased back (102) \u2013 \u2013 \u2013 \u2013 (102) Disposals (6) \u2013 \u2013 (45) \u2013 (51) At 30 September 2022 1,390 \u2013 28 1,479 35 2,932 Net book value At 30 September 2022 3,598 44 40 937 10 4,629 At 1 October 2021 3,559 44 36 1,080 16 4,735 The net book value of aircraft includes \u00a3569 million (2022: \u00a3414 million) relating to advance payments for future deliveries and life limited parts not yet in use. This amount is not depreciated. The net book value of aircraft spares is \u00a3112 million (2022: \u00a381 million). The \u2018Other\u2019 categories are principally comprised of leasehold improvements, computer hardware, leasehold property, fixtures, fittings and equipment, and work in progress in respect of property, plant and equipment projects. The work in progress as at 30 September 2023 was \u00a314 million (2022: \u00a320 million). As at 30 September 2023, easyJet was contractually committed to the acquisition of two CFM LEAP engines (2022: four), and 158 (2022: 168) Airbus 320 family aircraft, with a total estimated list price3 of $18.1 billion (2022: $19.2 billion) before escalations and discounts, for delivery in financial years 2024 (16 aircraft), 2025 (19 aircraft) and 2026 to 2029 (123 aircraft). At the year end date easyJet had a commitment for six aircraft lease contracts, where the aircraft had not been delivered, with a combined value of \u00a367 million. Subsequent to 30 September 2023 two aircraft have been delivered reducing the commitment to \u00a345 million. 1) Right of use asset disposals includes the transactions to remove the fully depreciated assets from the statement of financial position when the leased assets are returned. The gross value of the cost and associated accumulated depreciation was \u00a3100 million. 2) \u00a3(14) million Other asset values previously recorded as transfers have been reclassified as additions. 3) As Airbus no longer publishes list prices, the last available list price published in January 2018 has been used for the estimated list price, and the prior year comparator has been restated to be on the same basis.",
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"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-490": {
"value": "12. OTHER NON-CURRENT ASSETS 2023 \u00a3 million 2022 \u00a3 million Mid-life aircraft delivery assets 115 64 Deposits held by aircraft lessors 23 27 138 91 Mid-life aircraft delivery assets arise from maintenance obligations incurred on mid-life leased aircraft before easyJet acquired the aircraft. They occur where a lessor has agreed to make a contribution to easyJet\u2019s maintenance costs to reflect the cycles already flown by the aircraft at the point it is delivered to easyJet, plus or minus any maintenance utilised by easyJet that will not be paid for via a maintenance shop visit. Depending on the contract terms, payment will be made either at the maintenance event date or at the lease return date, the timing of which determines the current and non-current split of the asset. The recoverability of this asset has been assessed by management, and the asset is considered to be fully recoverable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-491": {
"value": "13. TRADE AND OTHER RECEIVABLES 2023 \u00a3 million 2022 (re-presented) \u00a3 million Trade receivables 115 85 Less provision for loss allowance (5) (8) 110 77 Prepayments1 44 64 Accrued income1 110 79 Other receivables 79 147 343 367 1) In the current year certain items have been reclassified from prepayments to accrued income to better represent the nature of these assets. Prior year comparatives have been re-presented on the same basis. Prepayments and accrued income were previously reported as \u00a3124 million and \u00a319 million respectively. Within the provision for loss allowance, \u00a33 million has been credited to the income statement (2022: \u00a37 million charged), with \u00a3nil million (2022: \u00a3nil million) being utilised in the year ended 30 September 2023. Information about the impairment of trade receivables and the Group\u2019s exposure to credit risk can be found in note 26. Other receivables comprises current mid-life aircraft delivery assets, prepaid maintenance costs, VAT and trade deposits.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-492": {
"value": "14. CASH AND MONEY MARKET DEPOSITS 2023 \u00a3 million 2022 \u00a3 million Cash and cash equivalents (original maturity less than three months) 2,925 3,514 Money market deposits (original maturity more than three months) \u2013 126 Current restricted cash \u2013 4 Non-current restricted cash 2 3 2,927 3,647 Interest rates on money market deposits and restricted cash are repriced based on the prevailing market rates of interest. Restricted cash comprises: 2023 \u00a3 million 2022 \u00a3 million Amount held in escrow accounts for legal cases \u2013 4 Cash held as bank guarantee collateral 2 3 2 7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-493": {
"value": "15. TRADE AND OTHER PAYABLES 2023 \u00a3 million 2022 (re-presented) \u00a3 million Trade payables 402 431 Accruals 1,096 983 Taxes and social security 52 38 Other payables1 214 307 1,764 1,759 1) The liability for compensation and reimbursements for airline customer delays and cancellations has been re-presented from provisions for liabilities and charges to liabilities within other payables. Refer to note 1a for further detail.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-494": {
"value": "16. LIABILITIES RELATING TO CONTRACTS WITH CUSTOMERS 2023 2022 (re-presented) 1 Unearned revenue \u00a3 million Other \u00a3 million Unearned revenue \u00a3 million Other \u00a3 million Opening contract liabilities 1,043 158 846 277 Revenue deferred during the year 9,233 \u2013 6,476 \u2013 Revenue recognised during the year (8,775) (47) (6,279) (25) Additional contract liability during the year \u2013 147 \u2013 161 Reduction in contract liability during the year \u2013 (177) \u2013 (258) FX impact during the year \u2013 (2) \u2013 3 Closing contract liabilities 1,501 79 1,043 158 1) The prior year movements within unearned revenue have been re-presented in order to show the information on a consistent basis. The change represents elimination on consolidation of intergroup revenue transactions of \u00a3137 million between Airline and Holidays for the flight element of holiday packages. Revenue deferred and recognised during the year is inclusive of airline passenger duty (APD) and other charges, but net of intercompany eliminations. 2023 2022 Unearned revenue \u00a3 million Other \u00a3 million Unearned revenue \u00a3 million Other \u00a3 million Revenue recognised that was included in the contract liability balance at the beginning of the year 1,006 47 773 25 Other customer contract liabilities consist of amounts transferred from unearned revenue to other payables due to the cancellation of flights and is made up of customer vouchers outstanding and amounts where customers have not yet requested a refund, voucher or flight transfer. The movements in \u2018additional contract liability\u2019 and \u2018reduction in contract liability\u2019 arise as flights are cancelled, as vouchers are awarded or exercised, and as customers advise on the exercise of their options following flight cancellations. The breakage applied to the contract liability in the year is included in revenue recognised during the year.",
"dimensions": {
"concept": "easyjetplc:DisclosureOfLiabilitiesRelatingToContractsWithCustomers",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-495": {
"value": "17. BORROWINGS
Current
\u00a3 million
Non-current
\u00a3 million
Total
\u00a3 million
At 30 September 2023
Eurobonds 433 1,462 1,895
433 1,462 1,895
Current
\u00a3 million
Non-current
\u00a3 million
Total
\u00a3 million
At 30 September 2022
Eurobonds 437 1,919 2,356
Term loan (UK Export Finance backed facility) \u2013 841 841
437 2,760 3,197
Amounts above are shown net of issue costs or discounted amounts which are amortised at the
effective interest rate over the life of the debt instruments.
The February 2016 Eurobond with a carrying value of \u00a3437 million was repaid in February 2023. In
addition, the Term loan (UK Export Finance backed facility) with a carrying value of \u00a3841 million was
repaid in June 2023 and the facility was cancelled. At the same time easyJet entered into a new
undrawn facility for $1.75 billion. The October 2016 Eurobond with a carrying value of \u00a3433 million has
been repaid in October 2023. See note 26 for further information on borrowings.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-496": {
"value": "18. LEASES easyJet holds aircraft under leasing arrangements that are recognised as right of use assets and lease liabilities, with remaining lease terms ranging up to seven years. easyJet is contractually obliged to carry out maintenance on these aircraft, and the cost of this is provided based on the number of flying hours, days and cycles operated and the estimated cost of the maintenance events. Further details are given in note 1. Information in respect of right of use assets, including the carrying amount, additions and depreciation, is set out in note 11. Information in respect of the carrying value and interest arising on lease liabilities is set out in note 25 and note 2 respectively. A maturity analysis of lease liabilities is set out below. Amounts recognised in the statement of cash flows Year ending 30 September 2023 \u00a3 million Year ending 30 September 2022 \u00a3 million Capital payments (218) (206) Interest payments (46) (43) Lease liabilities 30 September 2023 \u00a3 million 30 September 2022 \u00a3 million Maturity analysis \u2013 contractual undiscounted cash flows Less than one year (254) (297) One to five years (690) (723) More than five years (139) (258) (1,083) (1,278) Lease liabilities included in the statement of financial position 30 September 2023 \u00a3 million 30 September 2022 \u00a3 million Current (217) (247) Non-current (772) (866) Tota l (989) (1,113) easyJet also enters into short-term leases and low-value leases which are not recognised as right of use assets and lease liabilities. The expense recognised in the year in relation to these leases is disclosed below. Amounts recognised in income statement Year ending 30 September 2023 \u00a3 million Year ending 30 September 2022 \u00a3 million Interest on lease liabilities 46 43 Expenses relating to low-value leases 8 4 Expenses relating to short-term wet leases 15 53 69 100",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-497": {
"value": "19. PROVISIONS FOR LIABILITIES AND CHARGES
Maintenance
provisions
\u00a3 million
Restructuring
\u00a3 million
Other provisions
\u00a3 million
Total provisions
\u00a3 million
At 1 October 2022 (re-presented)
1
636 15 40 691
Exchange adjustments (44) \u2013 \u2013 (44)
Release of provisions \u2013 (5) (6) (11)
Additional provisions recognised 257 6 17 280
Updated discount rates net of unwind
of discount (30) \u2013 \u2013 (30)
Utilised (66) (10) (9) (85)
At 30 September 2023 753 6 42 801
Year ended 30 September 2022 (re-presented)
1
Maintenance
provisions
\u00a3 million
Restructuring
\u00a3 million
Other provisions
\u00a3 million
Total provisions
\u00a3 million
At 1 October 2021 550 18 16 584
Exchange adjustments 93 \u2013 \u2013 93
Release of provisions \u2013 (10) (1) (11)
Additional provisions recognised 141 10 31 182
Related to aircraft sold and leased back 6 \u2013 \u2013 6
Updated discount rates net of unwind
of discount (71) \u2013 \u2013 (71)
Utilised (83) (3) (6) (92)
At 30 September 2022 636 15 40 691
1) The liability for compensation and reimbursements for airline customer delays and cancellations has been re-presented
from provisions for liabilities and charges to liabilities within other payables. Refer to note 1a for further detail.
The maintenance provisions provide for maintenance costs arising from legal and constructive
obligations relating to the condition of the aircraft when returned to the lessor. Restructuring and other
provisions include amounts in respect of potential liabilities for employee-related matters and litigation
which arose in the normal course of business.
2023
\u00a3 million
2022
1
\u00a3 million
Current 175 102
Non-current 626 589
801 691
1) The liability for compensation and reimbursements for airline customer delays and cancellations has been re-presented
from provisions for liabilities and charges to liabilities within other payables. Refer to note 1a for further detail.
The split of the current/non-current maintenance provision is based on the expected maintenance event
timings. If actual aircraft usage varies from expectation the timing of the utilisation of the maintenance
provision could result in a material change in the classification between current and non-current.
Maintenance provisions are expected to be utilised within nine years.
Within other provisions are provisions for litigation matters. The split of these provisions between
current/non-current is based on the dates of expected court judgements. Provisions for restructuring
could be fully utilised within one year from 30 September 2023 and therefore are classified as current.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-498": {
"value": "20. PENSIONS
Total pension costs of \u00a397 million (2022: \u00a377 million) recognised in employee costs (note 4), comprise
\u00a391 million (2022: \u00a370 million) related to defined contribution plans and \u00a36 million (2022: \u00a37 million)
related to defined benefit plans in Switzerland, including administration expenses of \u00a3nil million (2022:
\u00a3nil million).
The contributions payable to the relevant plans by the Group are at the rates specified in the rules of the
plans. The assets of the plans are held separately from those of the Group in funds under the control of
the trustees. Where there are employees who leave the plans before vesting fully in the contributions,
the ancillary contributions payable may be reduced by the amount of forfeited contributions.
Due to the minimum guarantees in place under Swiss law, the Swiss pension plan meets IAS 19
requirements to be treated as a defined benefit plan under IAS 19 despite the scheme having many
attributes akin to a defined contribution scheme. The Swiss Federal Council requires that a guaranteed
minimum interest rate must be achieved (currently 1%), plus a guaranteed minimum conversion rate to
be applied to accumulated pension on retirement (currently 6.8%) to the mandatory part of the benefits.
Swiss plans do not meet the definition of a Defined Contribution (DC) under IFRS as the obligation of the
employer does not stop at paying the pre-defined regular contributions due to these guarantees. Further
contributions might be required by the employer and the employee if the plan becomes underfunded
under local Swiss GAAP. This means Swiss plans are accounted for as Defined Benefit plans. The scheme
remains open to new employees.
The easyJet portion of the current service costs and the net interest cost are charged to the
consolidated income statement in the year to which they relate. Net interest is determined by multiplying
the net defined benefit liability by the discount rate at the start of the annual reporting period, adjusted
for any contributions and benefit payments in the period. Actuarial gains and losses are recognised in
the consolidated statement of comprehensive income and the consolidated balance reflects the net
surplus or deficit at the statement of financial position date.
The defined benefit obligation is calculated using the projected unit credit method. This reflects service
rendered by employees to the dates of valuation and incorporates actuarial assumptions including discount
rates used in determining the present value of benefits, projected rates of remuneration growth and mortality
rates. The present value of the defined benefit obligation is determined by discounting the estimated future
cash outflows using yields of high-quality corporate bonds. Management base the discount rate on the bond
yield in the Swiss bond market over 10 to 20 years, reflecting the currency in which the benefits will be paid,
and maturity terms approximating to the terms of the related pension obligation.
The key financial assumptions used to calculate the Swiss scheme liabilities under IAS 19 as at
30 September were:
2023 2022
Discount rate 1.90% 2.25%
Interest rate in savings 1.90% 2.25%
Salary increase 1.50% 1.00%
Mortality assumptions
70% BVG
2020 GT
70% BVG
2020 GT
Demographic assumptions
The demographic assumptions, including mortality assumptions used for the liability calculation, are
based on the most recent BVG 2020 tables (2022: BVG 2020 tables). These tables are based on the
experience during the period 2015 to 2019 of 14 of the largest autonomous Swiss pension plans, and
management consider these to be the best estimate available.
Sensitivities
The scheme asset values are sensitive to market conditions. The scheme liabilities are sensitive to
actuarial assumptions used to determine the scheme obligations. Significant changes in these
assumptions could potentially have a material impact on the consolidated statement of financial position.
The main assumptions are the discount rate, the rate of salary increase and the life expectancy rate. The
following table provides an estimate of the potential impact on the pension scheme of changing these
assumptions. The sensitivity analysis was performed by recalculating the defined benefit obligation with
the following parameters (all other parameters were not modified):
Increase/(decrease) in
defined benefit obligation
2023 2022
Discount rate +0.5% (5.6%) (5.4%)
-0.5% 6.3% 6.1%
Salary increase +0.5% 0.9% 1.0%
-0.5% (0.9%) (0.9%)
Life expectancy +1 year 0.6% 0.5%
-1 year (0.6%) (0.5%)
easyJet has an affiliation contract with Swiss Life Collective BVG Foundation. The assets of all affiliated
companies are pooled which diversifies the associated risk, and the scheme assets represent the share in
this Foundation. The Collective controls the asset management, is exposed to the risk, and guarantees
the savings capitals under the contract in place which is valid until 31 December 2027. The Board of
Trustees with the elected employees and employer\u2019s representatives decide the investment strategy.
The current agreement is known as \u2018fully insured\u2019 by Swiss Life, which means that all underfunding,
investment and longevity risks are transferred from easyJet to Swiss Life over the term of the policy.
After the expiry date the benefits are no longer insured and all payments are the liability of the pension
scheme, unless the provider renegotiates the terms of the contract.
The amounts recognised in the consolidated income statement are as follows:
2023
\u00a3 million
2022
\u00a3 million
Current service costs defined benefit 6 8
Interest cost on net defined benefit obligation 3 1
Interest income on defined benefit asset (3) (1)
Past service costs (plan amendment) \u2013 (1)
Net defined benefit cost recognised in the income statement 6 7
Amounts recognised in other comprehensive (loss)/income:
2023
\u00a3 million
2022
\u00a3 million
Loss/(gain) from change in financial assumptions 5 (24)
Experience loss/(gain) 3 (16)
Return on plan assets \u2013 (1)
Recognised in the statement of other comprehensive (loss)/income 8 (41)
Movement in net deficit in the year:
2023
\u00a3 million
2022
\u00a3 million
Net deficit of the plan at 1 October 1 37
Net defined benefit cost recognised in the income statement 6 7
Net defined benefit loss/(gain) recognised in other comprehensive income 8 (41)
Company contributions (8) (8)
Foreign exchange \u2013 6
Statement of financial position net deficit as at 30 September 7 1
A \u00a33 million (2022: \u00a33 million) prepayment representing cash paid over to Swiss Life in advance and not
yet utilised in the pension scheme is offset against the net deficit.
Expected employer cash contribution from the Group in the 2024 financial year is expected to be CHF 9
million (2023: CHF 9 million).
Changes in the present value of the defined benefit obligation are as follows:
2023
\u00a3 million
2022
\u00a3 million
Present value of obligation at 1 October 140 152
Current service cost 6 8
Contributions paid by employees 5 5
Interest costs on defined benefit obligation 3 1
Contributions paid by plan participants 2 3
Benefit payments from scheme assets (9) (6)
Past service cost \u2013 (1)
Actuarial loss/(gain) arising from changes in financial assumptions 5 (24)
Actuarial loss/(gain) arising from experience adjustments 3 (16)
Foreign exchange (gain)/loss (3) 18
Present value of obligation at 30 September 152 140
Changes in the fair value of the scheme assets are as follows:
2023
\u00a3 million
2022
\u00a3 million
Fair value of the scheme asset as at 1 October 139 115
Interest income on the defined benefit plan assets 3 1
Contributions paid by Company 8 8
Contributions paid by employees 5 5
Contributions paid by plan participants 2 3
Benefit payments from scheme assets (9) (6)
Return on plan assets \u2013 1
Foreign exchange (loss)/gain (3) 12
Fair value of the pension assets as at 30 September 145 139
2023 2022
Number of active participants 1,031 1,004
Average age of active insured members in years 41 40
Average time remaining before active employees reach final age in years 9 9
Average active life expectancy in years 52 52
Average years of service in years 10 10
The assets held do not have a quoted market price as they are within the affiliation contract with Swiss Life
Collective BVG Foundation. All assets are within the one class which takes the form of an insurance contract.
The weighted average duration of the defined benefit obligation of the Swiss pension scheme is 13 years
(2022: 12 years).
Maturity profile of defined benefit obligation
Expected benefit payments during fiscal year ending 30 September:
2023
\u00a3 million
2022
\u00a3 million
1 year 10 10
2 years 13 12
3 years 16 12
4 years 15 15
5 years 13 15
6 up to 10 years 70 65
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-499": {
"value": "21. SHARE CAPITAL Number Nominal value 2023 million 2022 million 2023 \u00a3 million 2022 \u00a3 million Allotted, called up and fully paid At 30 September Ordinary shares of par 27 2 /7 pence each 758 758 207 207 easyJet\u2019s employee benefit trusts hold the following shares. The cost of these shares has been deducted from retained earnings: 2023 2022 Number of shares (million) 5 3 Cost (\u00a3 million) 21 24 Market value at year end (\u00a3 million) 21 9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-500": {
"value": "22. SHARE INCENTIVE SCHEMES easyJet operates the following share incentive schemes, all of which are equity settled. The change in the number of awards outstanding, weighted average exercise prices during the year, and the number exercisable at each year end were as follows: Grant date 1 October 2022 million Granted million Forfeited/ cancellations million Exercised million 30 September 2023 million Long Term Incentive Plan 1.1 \u2013 (0.8) \u2013 0.3 Restricted Stock Unit 2.7 2.7 (0.3) (0.1) 5.0 Restricted Share Plan 0.5 0.4 (0.1) \u2013 0.8 Save As You Earn scheme 16.3 6.3 (3.5) \u2013 19.1 Share Incentive Plans 3.3 \u2013 (0.1) (0.2) 3.0 Deferred Annual Bonus Plan \u2013 0.3 \u2013 \u2013 0.3 23.9 9.7 (4.8) (0.3) 28.5 Grant date 1 October 2021 million Granted million Forfeited/ cancellations million Exercised million 30 September 2022 million Long Term Incentive Plan 2.0 \u2013 (0.9) \u2013 1.1 Restricted Stock Unit 1.4 1.3 \u2013 \u2013 2.7 Restricted Share Plan \u2013 0.6 (0.1) \u2013 0.5 Save As You Earn scheme 10.9 12.3 (6.9) \u2013 16.3 Share Incentive Plans 4.3 \u2013 (0.1) (0.9) 3.3 18.6 14.2 (8.0) (0.9) 23.9 Long Term Incentive Plan The plan was open, by invitation, to Executive Directors and senior management, and provides for annual awards of Performance Shares worth up to 250% of salary each year. The vesting of these shares is dependent on TSR targets compared to FTSE-ranked companies at the start of the performance period. All awards have a three-year vesting period. Awards made in December 2020 are assessed on performance conditions measured over the three financial years ended 30 September 2023. Restricted Stock Unit The plan was awarded to the Airline Management Board, senior managers and some middle management, and provided annual awards of Performance Shares worth up to 75% of salary each year. All awards have a two or three-year vesting period, of which the vesting conditions are continued employment. Save As You Earn scheme The scheme is open to all employees on the UK payroll. Participants may elect to save up to \u00a3500 per month under a three-year savings contract. An option is granted by the Company to buy shares at a discount of 20% from the market price on the day immediately preceding the date on which invitations are sent; however the 2022 scheme was granted at a discount of 10% from the market price, and the 2020 scheme did not have a discount. At the end of the savings period, the option becomes exercisable for a period of six months. Employees who are not paid through the UK payroll may participate in the scheme under similar terms and conditions, albeit without the same tax benefits. Restricted Share Plan The plan is open, by invitation, to Executive Directors, the Airline Management Board and senior and some middle management, and provides for annual awards of Performance Shares worth from 20% to 125% of salary, depending on role. All awards have either a two or three-year vesting period. For the Executive Directors a three-year performance period plus two-year post-vesting holding period will apply. The awards are subject to the following underpins: that easyJet does not fall below its minimum liquidity target (such that a credit risk is triggered) through the vesting period and that there is satisfactory governance performance including no ESG issues that result in material reputational damage to the Company (as determined by the Board). The vesting of these shares is also dependent on continued employment and assessment against performance underpins, as outlined in the Directors Remuneration Report, measured over the vesting period. Deferred Annual Bonus Plan This plan represents the compulsory deferral of one-third of the annual bonus in shares for the Executive Directors and one-fifth of the annual bonus for the Airline Management Board. All awards have a three-year vesting period of which the vesting conditions are continued employment. Weighted average exercise prices are as follows: 1 October 2022 \u00a3 Granted \u00a3 Forfeited \u00a3 Exercised \u00a3 30 September 2023 \u00a3 Save As You Earn scheme1 4.54 4.07 5.45 \u2013 4.22 1) The exercise prices used to calculate the weighted average price are post rights issue, so will differ to those stated in fair values tables as fair values will not change. The exercise price of all awards except those disclosed in the above table is \u00a3nil. The number of awards exercisable at each year end and their weighted average exercise price is as follows: Price \u00a3 Number million 2023 2022 2023 2022 Long Term Incentive Plan \u2013 \u2013 \u2013 0.1 Restricted Stock Unit \u2013 \u2013 0.2 \u2013 Restricted Share Plan \u2013 \u2013 \u2013 \u2013 Save As You Earn scheme 5.62 6.76 1.3 1.1 Deferred Annual Bonus Plan \u2013 \u2013 \u2013 \u2013 1.5 1.2 The weighted average remaining contractual life for each class of share award at 30 September 2023 is as follows: Years 2023 2022 Long Term Incentive Plan 7.3 7.4 Restricted Stock Unit 8.5 8.7 Restricted Share Plan 8.9 9.4 Save As You Earn scheme 2.5 2.9 Deferred Annual Bonus Plan 9.2 \u2013 Share Incentive Plan The plan is open to all employees on the UK payroll. Participants may invest up to \u00a31,800 of their pre-tax salary each year to purchase Partnership Shares in easyJet. Employees must remain with easyJet for three years from the date of purchase of each Partnership Share in order to qualify for the Matching Share, and for five years for the shares to be transferred to them tax free. The employee is entitled to dividends on shares purchased, and to vote at shareholder meetings. With effect from 1 April 2020, easyJet paused contributing a Matching Share to the scheme as a result of the financial constraints of the business. Subject to Company performance, easyJet also issues free shares to UK employees under an approved share incentive plan of up to \u00a33,000 per annum in value. There is a similar unapproved free shares scheme for international employees. The fair value of grants under the Save As You Earn scheme are calculated by applying the Binomial Lattice option pricing model. The fair value of grants under the TSR based Long Term Incentive Plan is estimated under the Stochastic model (also known as the Monte Carlo model). The fair value of grants under all other schemes is the share price on the date of grant. The following assumptions are used: Grant date Share price \u00a3 Exercise price \u00a3 Expected volatility % Option life years Risk-free interest rate % Dividend yield assumption % Fair value \u00a3 Restricted Stock Unit 12 December 2022 3.84 \u2013 0% \u2013 0% \u2013 3.84 Restricted Share Plan 12 December 2022 3.84 \u2013 0% \u2013 0% \u2013 3.84 21 June 2023 5.04 \u2013 0% \u2013 0% \u2013 5.04 Save As You Earn scheme 19 July 2023 5.09 4.07 61% 3.50 5% 2.5% 2.47 Deferred Annual Bonus Plan 12 December 2022 3.25 \u2013 0% \u2013 0% \u2013 3.25 Share price for LTIPs is the closing share price from the last working day prior to the date of grant. Expected volatility is based on historical volatility over a period comparable to the expected life of each type of option. The total share-based payment expense recognised for the year was \u00a318 million (2022: \u00a326 million). The share-based payment liability, representing the national insurance payments due, as at 30 September 2023, was \u00a32 million (2022: \u00a3nil million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-501": {
"value": "23. RECONCILIATION OF OPERATING PROFIT/(LOSS) TO CASH GENERATED FROM OPERATIONS
2023
\u00a3 million
2022
(re-presented)
\u00a3 million
Operating profit/(loss) 453 (27)
Adjustments for non-cash items:
Depreciation 644 539
Loss on disposal of property, plant and equipment 14 7
Loss on sale and leaseback \u2013 21
Amortisation of intangible assets 29 25
Share-based payments 18 26
Loss on disposal of other intangible assets 3 10
Changes in working capital and other items of an operating nature:
Increase in trade and other receivables (16) (151)
Increase in current intangible assets (179) (43)
Increase in trade and other payables
1
120 312
Increase in unearned revenue 458 197
Post employment benefit contributions (2) (1)
Decrease in provisions
1
(7) (61)
(Increase)/decrease in other non-current assets (40) 64
Increase/(decrease) in derivative financial instruments 14 (26)
Cash generated from operations 1,509 892
1) The liability for compensation and reimbursements for airline customer delays and cancellations has been re-presented
from provisions for liabilities and charges to liabilities within other payables. Refer to note 1a for further detail.
24. RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET CASH/(DEBT)
1 October
2022
\u00a3 million
Foreign
exchange
\u00a3 million
New debt
raised in the
year
\u00a3 million
Other
1
\u00a3 million
Net
cash flow
\u00a3 million
30 September
2023
\u00a3 million
Cash and cash equivalents 3,514 (168) \u2013 \u2013 (421) 2,925
Money market deposits 126 \u2013 \u2013 \u2013 (126) \u2013
3,640 (168) \u2013 \u2013 (547) 2,925
Eurobond (2,356) 28 \u2013 (11) 444 (1,895)
Term loan (UK Export Finance
backed facility) (841) 105 \u2013 (12) 748 \u2013
Lease liabilities (1,113) 94 (126) (62) 218 (989)
(4, 31 0) 227 (126) (85) 1,410 (2,884)
Net (debt)/cash (670) 59 (126) (85) 863 41
1) Other includes deferred fees, lease extensions and rate changes.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-502": {
"value": "25. FINANCIAL INSTRUMENTS
The fair values of financial assets and liabilities, together with the carrying value at each reporting date, are as follows:
At 30 September 2023
Amortised cost Held at fair value
Financial
assets
\u00a3 million
Financial
liabilities
\u00a3 million
Fair value
hedge
\u00a3 million
Cash flow
hedge
\u00a3 million
Other financial
instruments
\u00a3 million
Other
1
\u00a3 million
Carrying
value
\u00a3 million
Fair
value
\u00a3 million
Other non-current assets 138 \u2013 \u2013 \u2013 \u2013 \u2013 138 138
Trade and other receivables 237 \u2013 \u2013 \u2013 \u2013 106 343 343
Trade and other payables
2
\u2013 (1,102) \u2013 \u2013 \u2013 (662) (1,764) (1,764)
Derivative financial instruments \u2013 \u2013 \u2013 142 11 \u2013 153 153
Restricted cash 2 \u2013 \u2013 \u2013 \u2013 \u2013 2 2
Money market deposits \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Cash and cash equivalents 1,968 \u2013 \u2013 \u2013 957 \u2013 2,925 2,925
Eurobonds
3
\u2013 (1,895) \u2013 \u2013 \u2013 \u2013 (1,895) (1,756)
Other borrowings
3
\u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Lease liabilities \u2013 (989) \u2013 \u2013 \u2013 \u2013 (989) n/a
5
Equity investment
4
\u2013 \u2013 \u2013 \u2013 31 \u2013 31 31
At 30 September 2022
Amortised cost Held at fair value (Re-presented)
6
Financial
assets
\u00a3 million
Financial
liabilities
\u00a3 million
Fair value
hedge
\u00a3 million
Cash flow
hedge
\u00a3 million
Other financial
instruments
\u00a3 million
Other
1
\u00a3 million
Carrying
value
\u00a3 million
Fair
value
\u00a3 million
Other non-current assets 91 \u2013 \u2013 \u2013 \u2013 \u2013 91 91
Trade and other receivables 230 \u2013 \u2013 \u2013 \u2013 137 367 367
Trade and other payables
2, 6
\u2013 (1,077) \u2013 \u2013 \u2013 (682) (1,759) (1,759)
Derivative financial instruments \u2013 \u2013 58 264 120 \u2013 442 442
Restricted cash 7 \u2013 \u2013 \u2013 \u2013 \u2013 7 7
Money market deposits 126 \u2013 \u2013 \u2013 \u2013 \u2013 126 126
Cash and cash equivalents 2,528 \u2013 \u2013 \u2013 986 \u2013 3,514 3,514
Eurobonds
3
\u2013 (2,356) \u2013 \u2013 \u2013 \u2013 (2,356) (2,081)
Other borrowings
3
\u2013 (841) \u2013 \u2013 \u2013 \u2013 (841) (841)
Lease liabilities \u2013 (1,113) \u2013 \u2013 \u2013 \u2013 (1,113) n/a
5
Equity investment
4
\u2013 \u2013 \u2013 \u2013 31 \u2013 31 31
1) Amounts disclosed in the \u2018Other\u2019 column are items that do not meet the definition of a financial instrument. They are disclosed to facilitate reconciliation of the carrying values of financial instruments to line items presented in the statement of
financial position.
2) During the year ended 30 September 2022, \u00a3322 million of obligations under the ETS scheme were presented as a financial liability within Trade and other payables. During the year ended 30 September 2023, management concluded these
obligations are a non-financial liability and have presented the current year obligations of \u00a3426 million within the \u2018Other\u2019 column. The prior year has been re-presented on a consistent basis, resulting in reclassification of \u00a3322 million from the Financial
liabilities column to Other within Trade and other payables.
3) For further information see Capital, financing and interest risk management section below in note 26.
4) The equity investment of \u00a331 million (2022: \u00a331 million) represents a 13.2% shareholding in a non\u2010listed entity, The Airline Group Limited. Valuation movements are designated as being fair valued through other comprehensive income due to the nature
of the investment being held for strategic purposes. No dividend was received during the year (2022: \u00a3nil).
5) n/a \u2013 lease liabilities are valued in accordance with IFRS 16 and a fair value determination is not applicable.
6) The liability for compensation and reimbursements for airline customer delays and cancellations has been re-presented from provisions for liabilities and charges to liabilities within other payables. Refer to note 1a for further detail.
Fair value calculation methodology
Where available the fair values of financial instruments have been determined by reference to
observable market prices where the instruments are traded. Where market prices are not available, the
fair value has been estimated by discounting expected future cash flows at prevailing interest rates and
by applying year end exchange rates (excluding The Airline Group Limited equity investment).
The fair values of the remaining three Eurobonds are classified as level 1 of the IFRS 13 \u2018Fair Value
Measurement\u2019 fair value hierarchy (valuations taken as the closing market trade price for each respective
Eurobond as of 30 September 2023). Apart from the equity investment, the remaining financial
instruments for which fair value is disclosed in the table above, and derivative financial instruments, are
classified as level 2.
The fair values of derivatives are calculated using observable market forward curves (e.g. forward foreign
exchange rates, forward interest rates or forward jet fuel prices) and discounted to present value using
risk free rates. The impacts of counterparty credit, cross-currency basis and market volatility are also
included where appropriate as part of the fair valuation.
The equity investment is classified as level 3 due to the use of forecast dividends which are discounted
to present value. Though there are other level 2 inputs to the valuation, the discounted cash flow is a
significant input which is not based on observable market data. The fair value is assessed at each
reporting date based on the discounted cash flows and two other valuations calculated using a market
approach and level 2 inputs. The fair value is being held at \u00a331 million (2022: \u00a331 million) based on a
valuation report using this method by an external valuation firm which had no material increase in
valuation during the year. If the level 3 forecast cash flows were 10% higher or lower the fair value would
not increase/decrease by a material amount.
The fair value measurement hierarchy levels have been defined as follows:
> Level 1, fair value of financial instruments based on quoted prices (unadjusted) in active markets for
identical assets or liabilities.
> Level 2, fair value of financial instruments in an active market (for example, over the counter
derivatives) which are determined using valuation techniques which maximise the use of observable
market data and rely as little as possible on entity specific estimates.
> Level 3, fair value of financial instruments that are not based on observable market data (i.e.
unobservable inputs).
Fair value of derivative financial instruments
At 30 September 2023
Quantity
million
Non-current
assets
\u00a3 million
Current
assets
\u00a3 million
Current
liabilities
\u00a3 million
Non-current
liabilities
\u00a3 million
Total
\u00a3 million
Designated as cash flow hedges
US dollar 1,820 5 22 (11) \u2013 16
Euro 1,446 \u2013 11 (3) (2) 6
Swiss franc 241 \u2013 2 (1) \u2013 1
Jet fuel 2 7 123 (1) \u2013 129
Cross-currency interest rate swaps 1,406 10 \u2013 (12) (8) (10)
Designated as fair value through
profit or loss
US dollar 1,195 13 28 (14) (4) 23
Euro 619 \u2013 \u2013 (12) \u2013 (12)
35 186 (54) (14) 153
At 30 September 2022
Quantity
million
Non-current
assets
\u00a3 million
Current
assets
\u00a3 million
Current
liabilities
\u00a3 million
Non-current
liabilities
\u00a3 million
Total
\u00a3 million
Designated as cash flow hedges
US dollar 1,721 18 170 \u2013 \u2013 188
Euro 675 \u2013 2 (12) (3) (13)
Swiss franc 185 \u2013 \u2013 (9) (2) (11)
Jet fuel 1 \u2013 139 (65) (17) 57
Cross-currency interest rate swaps 1,230 42 \u2013 \u2013 \u2013 42
Designated as fair value hedges
Cross-currency interest rate swaps 379 \u2013 58 \u2013 \u2013 58
Designated as fair value through
profit or loss
US dollar 755 67 45 \u2013 \u2013 112
Euro 285 \u2013 9 \u2013 \u2013 9
127 423 (86) (22) 442
For foreign currency forward exchange contracts, quantity represents the absolute gross nominal value of currency contracts held, disclosed in the contract foreign currency. The cross-currency interest rate swap contracts are presented at the sterling notional amount. For jet fuel derivative contracts, the quantity represents absolute contracted metric tonnes. The majority of foreign exchange and jet fuel transactions designated as a cash flow hedge are expected to occur within the next 18 months. Accumulated gains and losses resulting from these transactions are deferred in the hedging reserve. The gains and losses will be recognised in the income statement in the periods when the hedged transactions impact the income statement. Where the gain or loss is included in the initial amount recognised following the purchase of an aircraft, recognition in the income statement is over a period of up to 23 years in the form of depreciation of the purchased asset. Amounts related to US dollar and euro foreign exchange derivatives held at fair value through profit or loss (e.g. not held in a hedge accounting relationship) form part of the Group\u2019s statement of financial position retranslation risk management strategy. Fair value movements on these derivatives are recognised in the income statement and offset foreign exchange movements on the corresponding notional amount of the statement of financial position monetary liabilities held in US dollar and euro. These trades are all expected to occur within the next 36 months. The Group maintains cross-currency interest rate swap contracts on a proportion of fixed rate debt issuance as part of the approach to currency and interest rate risk management. The remaining cross-currency interest rate swap contracts are designated and qualify as cash flow hedges to minimise volatility in the income statement. The cross-currency interest rate swap contracts designated as fair value have been settled in the period. The following derivative financial instruments are subject to offsetting, enforceable master netting arrangements. At 30 September 2023 Gross amount \u00a3 million Amount not set off \u00a3 million Net amount \u00a3 million Derivative financial instruments Assets 221 (66) 155 Liabilities (68) 66 (2) 153 \u2013 153 At 30 September 2022 Gross amount \u00a3 million Amount not set off \u00a3 million Net amount \u00a3 million Derivative financial instruments Assets 550 (108) 442 Liabilities (108) 108 \u2013 442 \u2013 442 All financial assets and liabilities are presented gross on the face of the statement of financial position as the conditions for netting specified in IAS 32 \u2018Financial Instruments Presentation\u2019 are not met.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-522": {
"value": "Fair value calculation methodology Where available the fair values of financial instruments have been determined by reference to observable market prices where the instruments are traded. Where market prices are not available, the fair value has been estimated by discounting expected future cash flows at prevailing interest rates and by applying year end exchange rates (excluding The Airline Group Limited equity investment). The fair values of the remaining three Eurobonds are classified as level 1 of the IFRS 13 \u2018Fair Value Measurement\u2019 fair value hierarchy (valuations taken as the closing market trade price for each respective Eurobond as of 30 September 2023). Apart from the equity investment, the remaining financial instruments for which fair value is disclosed in the table above, and derivative financial instruments, are classified as level 2. The fair values of derivatives are calculated using observable market forward curves (e.g. forward foreign exchange rates, forward interest rates or forward jet fuel prices) and discounted to present value using risk free rates. The impacts of counterparty credit, cross-currency basis and market volatility are also included where appropriate as part of the fair valuation. The equity investment is classified as level 3 due to the use of forecast dividends which are discounted to present value. Though there are other level 2 inputs to the valuation, the discounted cash flow is a significant input which is not based on observable market data. The fair value is assessed at each reporting date based on the discounted cash flows and two other valuations calculated using a market approach and level 2 inputs. The fair value is being held at \u00a331 million (2022: \u00a331 million) based on a valuation report using this method by an external valuation firm which had no material increase in valuation during the year. If the level 3 forecast cash flows were 10% higher or lower the fair value would not increase/decrease by a material amount. The fair value measurement hierarchy levels have been defined as follows: > Level 1, fair value of financial instruments based on quoted prices (unadjusted) in active markets for identical assets or liabilities. > Level 2, fair value of financial instruments in an active market (for example, over the counter derivatives) which are determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity specific estimates. > Level 3, fair value of financial instruments that are not based on observable market data (i.e. unobservable inputs). Fair value of derivative financial instruments At 30 September 2023 Quantity million Non-current assets \u00a3 million Current assets \u00a3 million Current liabilities \u00a3 million Non-current liabilities \u00a3 million Total \u00a3 million Designated as cash flow hedges US dollar 1,820 5 22 (11) \u2013 16 Euro 1,446 \u2013 11 (3) (2) 6 Swiss franc 241 \u2013 2 (1) \u2013 1 Jet fuel 2 7 123 (1) \u2013 129 Cross-currency interest rate swaps 1,406 10 \u2013 (12) (8) (10) Designated as fair value through profit or loss US dollar 1,195 13 28 (14) (4) 23 Euro 619 \u2013 \u2013 (12) \u2013 (12) 35 186 (54) (14) 153 At 30 September 2022 Quantity million Non-current assets \u00a3 million Current assets \u00a3 million Current liabilities \u00a3 million Non-current liabilities \u00a3 million Total \u00a3 million Designated as cash flow hedges US dollar 1,721 18 170 \u2013 \u2013 188 Euro 675 \u2013 2 (12) (3) (13) Swiss franc 185 \u2013 \u2013 (9) (2) (11) Jet fuel 1 \u2013 139 (65) (17) 57 Cross-currency interest rate swaps 1,230 42 \u2013 \u2013 \u2013 42 Designated as fair value hedges Cross-currency interest rate swaps 379 \u2013 58 \u2013 \u2013 58 Designated as fair value through profit or loss US dollar 755 67 45 \u2013 \u2013 112 Euro 285 \u2013 9 \u2013 \u2013 9 127 423 (86) (22) 442 For foreign currency forward exchange contracts, quantity represents the absolute gross nominal value of currency contracts held, disclosed in the contract foreign currency. The cross-currency interest rate swap contracts are presented at the sterling notional amount. For jet fuel derivative contracts, the quantity represents absolute contracted metric tonnes. The majority of foreign exchange and jet fuel transactions designated as a cash flow hedge are expected to occur within the next 18 months. Accumulated gains and losses resulting from these transactions are deferred in the hedging reserve. The gains and losses will be recognised in the income statement in the periods when the hedged transactions impact the income statement. Where the gain or loss is included in the initial amount recognised following the purchase of an aircraft, recognition in the income statement is over a period of up to 23 years in the form of depreciation of the purchased asset. Amounts related to US dollar and euro foreign exchange derivatives held at fair value through profit or loss (e.g. not held in a hedge accounting relationship) form part of the Group\u2019s statement of financial position retranslation risk management strategy. Fair value movements on these derivatives are recognised in the income statement and offset foreign exchange movements on the corresponding notional amount of the statement of financial position monetary liabilities held in US dollar and euro. These trades are all expected to occur within the next 36 months. The Group maintains cross-currency interest rate swap contracts on a proportion of fixed rate debt issuance as part of the approach to currency and interest rate risk management. The remaining cross-currency interest rate swap contracts are designated and qualify as cash flow hedges to minimise volatility in the income statement. The cross-currency interest rate swap contracts designated as fair value have been settled in the period. The following derivative financial instruments are subject to offsetting, enforceable master netting arrangements. At 30 September 2023 Gross amount \u00a3 million Amount not set off \u00a3 million Net amount \u00a3 million Derivative financial instruments Assets 221 (66) 155 Liabilities (68) 66 (2) 153 \u2013 153 At 30 September 2022 Gross amount \u00a3 million Amount not set off \u00a3 million Net amount \u00a3 million Derivative financial instruments Assets 550 (108) 442 Liabilities (108) 108 \u2013 442 \u2013 442 All financial assets and liabilities are presented gross on the face of the statement of financial position as the conditions for netting specified in IAS 32 \u2018Financial Instruments Presentation\u2019 are not met.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-503": {
"value": "26. FINANCIAL RISK AND CAPITAL MANAGEMENT
easyJet is exposed to financial risks including fluctuations in exchange rates, jet fuel prices and interest rates. Financial risk management aims to limit these market risks with selected derivative hedging instruments
being used for this purpose. easyJet\u2019s policy is not to speculatively trade derivatives but use the instruments to hedge anticipated exposure and gain cash flow certainty. easyJet reduces its exposure to market risk
by using derivatives as any gains and losses arising are offset by the outcome of the underlying exposure being hedged.
The Board is responsible for setting financial risk and capital management policies and objectives which are implemented by the treasury function on a day-to-day basis. The policy outlines the approach to risk
management and also states the instruments and time periods which the treasury function is authorised to use in managing financial risks. The policy is regularly reviewed to ensure best practice.
Capital employed comprises shareholders\u2019 equity (excluding hedging and cost of hedging reserves), borrowings (including amounts related to IFRS 16 lease liability), cash and money market deposits (excluding
restricted cash).
In addition, easyJet also maintains committed access to capital through its undrawn credit facilities. This amounted to \u00a31.8 billion at 30 September 2023 (2022 \u00a31.1 billion) and contributed to easyJet\u2019s total liquidity.
Consequently, the capital employed at the end of the current and prior year and the return earned during those years were as follows:
2023 2022 (restated)
1
Headline
\u00a3 million
Non-headline
\u00a3 million
Total
\u00a3 million
Headline
\u00a3 million
Non-headline
\u00a3 million
Total
\u00a3 million
Opening capital employed
Shareholders\u2019 equity (excluding hedging and cost of hedging reserves) 2,358 \u2013 2,358 2,484 \u2013 2,484
Borrowings 3,197 \u2013 3,197 3,367 \u2013 3,367
Lease liabilities 1,113 \u2013 1,113 1,079 \u2013 1,079
Cash and money market deposits (excluding restricted cash) (3,640) \u2013 (3,640) (3,536) \u2013 (3,536)
Reported capital employed 3,028 \u2013 3,028 3,394 \u2013 3,394
Closing capital employed
Shareholders\u2019 equity (excluding hedging and cost of hedging reserves) 2,676 \u2013 2,676 2,358 \u2013 2,358
Borrowings 1,895 \u2013 1,895 3,197 \u2013 3,197
Lease liabilities 989 \u2013 989 1,113 \u2013 1,113
Cash and money market deposits (excluding restricted cash) (2,925) \u2013 (2,925) (3,640) \u2013 (3,640)
Reported capital employed 2,635 \u2013 2,635 3,028 \u2013 3,028
Average capital employed 2,832 \u2013 2,832 3,211 \u2013 3,211
Reported operating profit/(loss) 476 (23) 453 3 (30) (27)
UK corporation tax rate 25% 19%
Normalised operating profit/(loss) after tax 357 (17) 340 2 (24) (22)
Return on capital employed 12.6% 12.0% 0.1% (0.7)%
1) Return on capital employed has been restated to exclude the hedging and cost of hedging reserves. Return on capital employed is calculated by dividing the normalised operating profit/(loss) after tax by the average of the opening and closing
capital employed.
Return on capital employed is calculated by dividing the adjusted operating profit/(loss) after tax by the average of the opening and closing capital employed.
Normalised operating profit is reported operating profit, less tax at the prevailing UK corporation tax rate at the end of the financial year.
Liquidity risk management The objective of easyJet\u2019s liquidity risk management is to ensure sufficient cash is available to meet future liabilities as they fall due and ensure access to cost effective funding in various markets. Liquidity raised in the year was primarily from sale and leaseback transactions, which were conducted on eight aircraft generating gross cash proceeds of \u00a377 million. Repayments in the year included the \u20ac500 million repayment of the Feb-16 Eurobond in February 2023 and a $950 million repayment of the drawn element of the UKEF facility in June 2023, where the $1,770 million facility was terminated and replaced with a new five-year sustainability linked undrawn UKEF facility of $1,750 million. There were no plans to draw this facility as at 30 September 2023. Further to the above repayments, the Oct-16 \u20ac500 million Eurobond was repaid in October 2023 and is therefore still present in the financial statements as at the year end. easyJet\u2019s policy has consistently been to hold significant liquidity to mitigate the impact of potential business disruption events. Throughout the year, easyJet\u2019s target minimum liquidity requirement was to cover unearned revenue plus \u00a3500 million. In assessing this liquidity metric any undrawn credit facilities need to be taken into consideration. Total cash (excluding restricted cash) and money market deposits at 30 September 2023 was \u00a32,925 million (30 September 2022: \u00a33,640 million) with total liquidity at \u00a34,686 million. Surplus funds are invested in high quality short-term liquid instruments, mainly money market funds, bank deposits and tri-party repos. The maturity profile of financial liabilities and derivatives based on undiscounted cash flows and contractual maturities is as follows: At 30 September 2023 Within one year \u00a3 million One\u2013two years \u00a3 million Two\u2013five years \u00a3 million Over five years \u00a3 million Borrowings principal and interest 458 457 1,087 \u2013 Trade and other payables 1,764 \u2013 \u2013 \u2013 Lease liabilities 254 412 278 139 FX and jet derivative contracts \u2013 receipts (4,543) (961) (223) \u2013 FX and jet derivative contracts \u2013 payments 4,334 938 222 \u2013 Cross-currency swap contracts \u2013 receipts (452) (447) (544) \u2013 Cross-currency swap contracts \u2013 payments 476 469 556 \u2013 At 30 September 2022 (re-presented) 1 Within one year \u00a3 million One\u2013two years \u00a3 million Two\u2013five years \u00a3 million Over five years \u00a3 million Borrowings principal and interest 523 566 1,368 1,075 Trade and other payables 1 1,759 \u2013 \u2013 \u2013 Lease liabilities 297 443 280 258 FX and jet derivative contracts \u2013 receipts (2,723) (582) (186) \u2013 FX and jet derivative contracts \u2013 payments 2,271 503 162 \u2013 Cross-currency swap contracts \u2013 receipts (463) (455) (463) (358) Cross-currency swap contracts \u2013 payments 420 471 484 346 1) The liability for compensation and reimbursements for airline customer delays and cancellations has been re-presented from provisions for liabilities and charges to liabilities within other payables. Refer to note 1a for further detail. The maturity profile has been calculated based on spot rates for the US dollar, euro, Swiss franc and jet fuel at close of business on 30 September each year. Credit risk management easyJet is exposed to credit risk arising from cash and money market deposits, derivative financial instruments and trade and other receivables. Credit risk management aims to reduce the risk of default by setting limits on credit exposure to counterparties based on their respective credit ratings. Credit ratings also determine the maximum period of investment when placing funds on deposit. The maximum exposure to credit risk at the reporting date is equal to the carrying value of its financial assets, excluding tri-party repos, which are securitised by high-quality, investment-grade financial assets. Counterparties for cash investments and derivatives contracts are required to have a long-term credit rating of A- or better at contract inception from either Moody\u2019s, Standard & Poor\u2019s or Fitch (except where there is a specific regulatory, contractual requirement or a bank guarantee from an A- rated entity). Exposures to these counterparties are regularly reviewed and, if the long-term credit rating falls below A-, management will make a decision on remedial action to be taken. The credit ratings of counterparties that easyJet holds financial assets with are as follows: At 30 September 2023 A- and above \u00a3 million Below A- \u00a3 million Unrated/other \u00a3 million \u00a3 million Financial assets Trade receivables \u2013 \u2013 343 343 Other non-current assets \u2013 \u2013 138 138 Derivative financial instruments 153 \u2013 \u2013 153 Restricted cash 2 \u2013 \u2013 2 Cash and cash equivalents 2,922 3 \u2013 2,925 Tota l 3,077 3 481 3,561 At 30 September 2022 A- and above \u00a3 million Below A- \u00a3 million Unrated/other \u00a3 million \u00a3 million Financial assets Trade receivables \u2013 \u2013 367 367 Other non-current assets \u2013 \u2013 91 91 Derivative financial instruments 442 \u2013 \u2013 442 Restricted cash 7 \u2013 \u2013 7 Money market deposits 126 \u2013 \u2013 126 Cash and cash equivalents 3,511 3 \u2013 3,514 Tota l 4,086 3 458 4,547 At the end of each reporting date easyJet recognises a loss allowance for expected credit losses on financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to be recognised, easyJet applies either the general approach or the simplified approach, depending on the nature of the underlying group of financial assets. See note 1a for further detail. The general approach is applied to the impairment assessment of refundable lease deposits and other refundable lease contributions, restricted cash, money market deposits and cash and cash equivalents (excluding money market funds held at fair value through profit or loss). At 30 September 2023, the expected credit loss was considered immaterial. This is due to easyJet\u2019s strict policy of investing only with counterparties who hold a high, investment grade credit standing (except in specific circumstances) as detailed in the tables above. The simplified approach is applied to the impairment assessment of trade and other receivables. At 30 September 2023, trade receivables had a total loss allowance of \u00a35 million (2022: \u00a38 million). The exposure to individual customer\u2019s credit risk is reduced as no individual customer accounts for a substantial amount of the total revenue and most payments for flight tickets are collected in advance of the service being provided. Foreign currency risk management The majority of easyJet\u2019s exposure to currency arises from fluctuations in the US dollar, euro and Swiss franc exchange rates which can significantly impact easyJet\u2019s financial results and cash flows. The aim of easyJet\u2019s foreign currency risk management is to reduce the impact of these exchange rate fluctuations. easyJet has maintained hedging in line with policy throughout the year, with the exception of revenue hedging (Swiss franc and euro income) where exposures were hedged in line with policy from January 2023 onwards after hedging was paused during the pandemic. Significant currency exposures in the income statement are managed through the use of currency forward contracts entered into cash flow hedge relationships in line with the Board approved policy. Throughout the year easyJet hedged operational US dollar, euro, and Swiss franc exposures to an 18 month hedging policy (Swiss franc and euro exposures from January 2023, as above) with the aim of maintaining average cover of c.60% over a rolling 12-month period. Of note, the Group separately manages foreign exchange risk related to forecast cash outflows associated with package holiday costs. Significant currency exposures relating to the acquisition cost of aircraft are managed through the use of FX forward contracts where up to 36 months of forecasted cash flows may be hedged. easyJet has monetary liabilities denominated in US dollars and euros, which are largely offset by holding US dollar and euro cash, and money market deposits. FX forward contracts are also used to manage foreign exchange translation risk. These are classified as fair value through profit or loss (e.g. not designated in a hedge relationship). During the year, easyJet used euro lease liabilities to hedge a proportion of its euro revenue receipts in a cash flow hedge relationship. Revaluations of these euro liabilities are held in reserves and released on a straight-line basis over the term of the lease agreement through profit or loss. Management may take action to hedge other currency exposures as deemed appropriate. The gross notional of transactions in a hedge relationship that occurred during the financial year to manage the foreign currency risk and the resulting gains and losses were as follows: FY23 Notional \u00a3m Gain/(loss) \u00a3m USD 1,634 14 EUR 1,091 (8) CHF 192 (2) Notional value reflects the sterling contractual leg amount. Capital financing and interest rate risk management The objective of capital management is to ensure that easyJet is able to continue as a going concern whilst delivering shareholder expectations of a strong capital base as well as returning benefits for other stakeholders. On 30 September 2023, easyJet held long-term corporate credit ratings from both Standard & Poor\u2019s (BBB) and Moody\u2019s (Baa3). easyJet plc established a \u00a33,000 million Euro Medium Term Note (EMTN) Programme on 7 January 2016. Subsequently easyJet plc has issued three bonds under this programme, one of which has been repaid, and easyJet FinCo B.V. has issued one bond. The three remaining bonds under this scheme are guaranteed by easyJet Airline Company Limited, easyJet plc and easyJet FinCo B.V. On 11 February 2022, the EMTN Programme increased in size to \u00a34,000 million. In February 2016, easyJet plc issued a \u20ac500 million bond under the \u00a33,000 million EMTN Programme guaranteed by easyJet Airline Company Limited. The Eurobond had a seven-year term and paid an annual fixed coupon of 1.750%. At the same time the Group entered into three cross-currency interest rate swaps to convert the entire \u20ac500 million fixed rate Eurobond to a sterling floating rate exposure. In February 2023, this bond reached maturity and was settled, with a corresponding gain realised on settlement of the cross-currency swap. In October 2016, easyJet plc issued a \u20ac500 million bond under the \u00a33,000 million EMTN Programme guaranteed by easyJet Airline Company Limited. The Eurobond has a seven-year term and pays an annual fixed coupon of 1.125%. Shortly after the issuance of the \u20ac500 million bond the Group entered into three cross-currency interest rate swaps to convert the entire \u20ac500 million fixed rate Eurobond to a sterling fixed rate exposure. The cross-currency interest rate swaps were executed in November 2016 with settlement and notional exchange occurring in the same month. All three swaps pay fixed interest semi-annually, receive fixed interest annually, and have maturities matching the Eurobond. The Group designated all three cross-currency interest rate swaps as a cash flow hedge of the currency risk on the \u20ac500 million Eurobond. The cross-currency interest rate swaps are measured at fair value with the effective portion taken through the statement of comprehensive income. The element of the fair value generated by the change in the spot rate is recycled to the income statement from the statement of comprehensive income to offset the revaluation of the Eurobond. The carrying value of the fixed rate Eurobond net of the cross-currency interest rate swap at 30 September 2023 was \u00a3445 million. This value does not include capitalised set-up costs incurred in the issuing of the bond. This bond was repaid in October 2023. In June 2019, easyJet plc issued a \u20ac500 million bond under the \u00a33,000 million EMTN Programme guaranteed by easyJet Airline Company Limited. The Eurobond is for a six-year term and pays an annual fixed coupon of 0.875%. At the same time the Group entered into three cross-currency interest rate swaps to convert the entire \u20ac500 million fixed rate Eurobond to a sterling fixed rate exposure. All three swaps pay fixed interest semi-annually, receive fixed interest annually, and have maturities matching the Eurobond. The Group designated all three cross-currency interest rate swaps as a cash flow hedge of the currency risk on the \u20ac500 million Eurobond. The cross-currency interest rate swaps are measured at fair value with the effective portion taken through the statement of comprehensive income. The element of the fair value generated by the change in the spot rate is recycled to the income statement from the statement of comprehensive income to offset the revaluation of the Eurobond. The carrying value of the fixed rate Eurobond net of the cross-currency interest rate swap at 30 September 2023 was \u00a3441 million. This value does not include capitalised set-up costs incurred in the issuing of the bond. In March 2021, easyJet FinCo B.V. issued a \u20ac1,200 million bond under the \u00a33,000 million EMTN Programme guaranteed by easyJet Airline Company Limited and easyJet plc. The Eurobond has a seven-year term and pays an annual fixed coupon of 1.875%. easyJet subsequently entered into four cross-currency interest rate swaps to convert \u20ac600 million of the fixed rate Eurobond to a sterling fixed rate exposure. All four swaps pay fixed interest semi-annually, receive fixed interest annually, and have maturities matching the Eurobond. The Group designated these cross-currency interest rate swaps as a cash flow hedge of the currency risk on the \u20ac1,200 million Eurobond. The cross-currency interest rate swaps are measured at fair value with the effective portion taken through the statement of comprehensive income. The element of the fair value generated by the change in the spot rate is recycled to the income statement from the statement of comprehensive income to offset the revaluation of the Eurobond. The carrying value of the hedged element of the fixed rate Eurobond net of the cross-currency interest rate swap at 30 September 2023 was \u00a31,031 million. This value does not include capitalised set-up costs incurred in the issuing of the bond. The weighted average sterling interest rate hedged for the three bonds was 2.59% with a weighted average GBP/EUR foreign exchange hedge rate of 1.14. Interest rate cash flow risk arises on floating rate borrowings and cash investments. Interest Rate Risk Management Policy aims to provide certainty in a proportion of financing while retaining the opportunity to benefit from interest rate reductions. Borrowings are issued at either fixed or floating interest rates, repricing every three to six months. A significant proportion of the US dollar debt liabilities are matched with US dollar cash assets by value. Operating leases are a mix of fixed and floating rates. Of the 153 aircraft operating leases in place at 30 September 2023 (2022: 142), 95% were based on fixed interest rates and 5% were based on floating interest rates (2022: 95% fixed, 5% floating). In addition, easyJet has access to facilities which are fully undrawn at 30 September 2023; a $400 million Revolving Credit Facility due to mature in September 2025 (with potential extension to September 2026), and a $1,750 million UKEF backed facility maturing in June 2028. Commodity price risk management The Group is exposed to commodity risk in the form of jet fuel requirements and Carbon Emissions Trading schemes (EU ETS, CH ETS and UK ETS) price risk. easyJet has maintained risk management activities throughout the year in line with policy. The objective of the fuel price risk management policy is to provide protection against sudden and significant increases in jet fuel prices, thus mitigating volatility in the income statement in the short term. In the year, easyJet hedged in line with its 18-month hedging policy with the aim of maintaining average cover of c.60% over a rolling 12-month period. Jet fuel derivatives are entered into a cash flow hedge relationship against the future forecasted jet fuel usage. Treasury strategies and actions will be driven by the need to meet treasury, financial and corporate objectives. The volume of effective hedge transactions that occurred during the financial year to manage the jet commodity price risk was 1.9 million metric tonnes. This resulted in a \u00a368 million gain (2022: \u00a3581 million gain) in the fuel line within the income statement. The Group has a requirement to comply with EU ETS, CH ETS and UK ETS regulations and report on an annual basis to the relevant environmental agencies. In addition to being in receipt of free allowances, easyJet is required to purchase carbon allowances on the open market to fulfil this requirement and is exposed to price movements that can introduce cash flow volatility. To mitigate this exposure easyJet purchases its requirements on a spot or forward basis up to 24 months in advance. easyJet holds allowances for 100% of all estimated ETS obligations for calendar year 2023. ETS allowance spot and forward contracts maturing in the year were not classified as financial instruments as they fell within the own use provision under IFRS 9. Market risk sensitivity analysis Financial assets and liabilities affected by market risk include borrowings, deposits, trade and other receivables, trade and other payables, and derivative financial instruments. The following analysis illustrates the sensitivity of changes in relevant foreign exchange rates, interest rates and fuel prices. It should be noted that the analysis reflects the impact on profit or loss after tax for the year and other comprehensive income on financial instruments in a cash flow hedge relationship held at the reporting date. The sensitivities are calculated based on all other variables remaining constant. The analysis is considered representative of easyJet\u2019s exposure over the next 12-month period. The sensitivity analysis is based on easyJet\u2019s financial assets and liabilities and financial instruments held as at 30 September 2023. The currency exchange rate analysis assumes a +/-10% change in both US dollar and euro exchange rates. The interest rate analysis assumes a 1% increase in interest rates over the next 12 months. The fuel price analysis assumes a 10% increase in the fuel price forward curve over the next 12 months. At 30 September 2023 Currency rates US dollar +10% 1 \u00a3 million US dollar -10% 2 \u00a3 million Euro +10% 1 \u00a3 million Euro -10% 2 \u00a3 million Interest rates 1% increase \u00a3 million Fuel price 10% increase \u00a3 million Income statement impact: gain/(loss) (6) 5 7 (6) 21 \u2013 Impact on other comprehensive income: increase/(decrease) 135 (110) 3 (2) \u2013 93 At 30 September 2022 Currency rates US dollar +10% 1 \u00a3 million US dollar -10% 2 \u00a3 million Euro +10% 1 \u00a3 million Euro -10% 2 \u00a3 million Interest rates 1% increase \u00a3 million Fuel price 10% increase \u00a3 million Income statement impact: gain/(loss) (18) 14 33 (27) 19 \u2013 Impact on other comprehensive income: increase/(decrease) 145 (119) (39) 32 \u2013 113 1) GBP weakened. 2) GBP strengthened. The market risk sensitivity analysis has been calculated on spot rates for the US dollar, euro and jet fuel
at close of business on 30 September each year.
Impact on the financial statements during the year ended 30 September 2023
Details of major hedging arrangements at the reporting date are set out below, broken down by the
cash maturity of hedge instruments, notional and average rates.
Hedge instrument (notional in millions)
Within
one year
Greater than
one year
Jet fuel hedged notional 1 \u2013
Average hedge rate 844 824
USD foreign exchange hedged notional 1,246 177
Average hedge rate 1.23 1.25
EUR foreign exchange hedged notional 568 57
Average hedge rate 1.13 1.13
CHF foreign exchange hedged notional 199 22
Average hedge rate 1.09 1.07
Notional expressed in the sterling contractual leg for currencies and metric tonnes for jet fuel.
Hedge discontinuation and ineffectiveness
Hedge effectiveness testing on all relationships is performed at each reporting date. Whilst the critical
terms matching of the Group\u2019s hedge relationships means that any ineffectiveness should be minimal, it
can be driven by factors such as material changes in credit risk, price fixing basis (in the case of jet fuel)
or changes in the timings of the hedged cash flows.
In the year ended 30 September 2023, there were no occasions where easyJet\u2019s hedges exceeded
forecasted exposures and therefore no hedge discontinuation took place.
All hedge relationships where the underlying exposure is still anticipated to occur continue to exhibit a
strong economic hedge relationship as the changes in fair value of hypothetical hedged items is
materially offset by the changes in the fair value of hedging instruments.
Additionally, fair value adjustments of \u00a31 million loss (2022: \u00a31 million gain) were recorded during the
period related to hedge ineffectiveness on hedges of foreign currency denominated borrowings that
continue to be effective hedge relationships.
",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-523": {
"value": "Liquidity risk management The objective of easyJet\u2019s liquidity risk management is to ensure sufficient cash is available to meet future liabilities as they fall due and ensure access to cost effective funding in various markets. Liquidity raised in the year was primarily from sale and leaseback transactions, which were conducted on eight aircraft generating gross cash proceeds of \u00a377 million. Repayments in the year included the \u20ac500 million repayment of the Feb-16 Eurobond in February 2023 and a $950 million repayment of the drawn element of the UKEF facility in June 2023, where the $1,770 million facility was terminated and replaced with a new five-year sustainability linked undrawn UKEF facility of $1,750 million. There were no plans to draw this facility as at 30 September 2023. Further to the above repayments, the Oct-16 \u20ac500 million Eurobond was repaid in October 2023 and is therefore still present in the financial statements as at the year end. easyJet\u2019s policy has consistently been to hold significant liquidity to mitigate the impact of potential business disruption events. Throughout the year, easyJet\u2019s target minimum liquidity requirement was to cover unearned revenue plus \u00a3500 million. In assessing this liquidity metric any undrawn credit facilities need to be taken into consideration. Total cash (excluding restricted cash) and money market deposits at 30 September 2023 was \u00a32,925 million (30 September 2022: \u00a33,640 million) with total liquidity at \u00a34,686 million. Surplus funds are invested in high quality short-term liquid instruments, mainly money market funds, bank deposits and tri-party repos. The maturity profile of financial liabilities and derivatives based on undiscounted cash flows and contractual maturities is as follows: At 30 September 2023 Within one year \u00a3 million One\u2013two years \u00a3 million Two\u2013five years \u00a3 million Over five years \u00a3 million Borrowings principal and interest 458 457 1,087 \u2013 Trade and other payables 1,764 \u2013 \u2013 \u2013 Lease liabilities 254 412 278 139 FX and jet derivative contracts \u2013 receipts (4,543) (961) (223) \u2013 FX and jet derivative contracts \u2013 payments 4,334 938 222 \u2013 Cross-currency swap contracts \u2013 receipts (452) (447) (544) \u2013 Cross-currency swap contracts \u2013 payments 476 469 556 \u2013 At 30 September 2022 (re-presented) 1 Within one year \u00a3 million One\u2013two years \u00a3 million Two\u2013five years \u00a3 million Over five years \u00a3 million Borrowings principal and interest 523 566 1,368 1,075 Trade and other payables 1 1,759 \u2013 \u2013 \u2013 Lease liabilities 297 443 280 258 FX and jet derivative contracts \u2013 receipts (2,723) (582) (186) \u2013 FX and jet derivative contracts \u2013 payments 2,271 503 162 \u2013 Cross-currency swap contracts \u2013 receipts (463) (455) (463) (358) Cross-currency swap contracts \u2013 payments 420 471 484 346 1) The liability for compensation and reimbursements for airline customer delays and cancellations has been re-presented from provisions for liabilities and charges to liabilities within other payables. Refer to note 1a for further detail. The maturity profile has been calculated based on spot rates for the US dollar, euro, Swiss franc and jet fuel at close of business on 30 September each year. ",
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}
},
"fact-524": {
"value": "Credit risk management
easyJet is exposed to credit risk arising from cash and money market deposits, derivative financial
instruments and trade and other receivables. Credit risk management aims to reduce the risk of default
by setting limits on credit exposure to counterparties based on their respective credit ratings. Credit
ratings also determine the maximum period of investment when placing funds on deposit. The maximum
exposure to credit risk at the reporting date is equal to the carrying value of its financial assets, excluding
tri-party repos, which are securitised by high-quality, investment-grade financial assets.
Counterparties for cash investments and derivatives contracts are required to have a long-term credit
rating of A- or better at contract inception from either Moody\u2019s, Standard & Poor\u2019s or Fitch (except
where there is a specific regulatory, contractual requirement or a bank guarantee from an A- rated
entity). Exposures to these counterparties are regularly reviewed and, if the long-term credit rating falls
below A-, management will make a decision on remedial action to be taken.
The credit ratings of counterparties that easyJet holds financial assets with are as follows:
At 30 September 2023
A- and above
\u00a3 million
Below A-
\u00a3 million
Unrated/other
\u00a3 million \u00a3 million
Financial assets
Trade receivables \u2013 \u2013 343 343
Other non-current assets \u2013 \u2013 138 138
Derivative financial instruments 153 \u2013 \u2013 153
Restricted cash 2 \u2013 \u2013 2
Cash and cash equivalents 2,922 3 \u2013 2,925
Tota l 3,077 3 481 3,561
At 30 September 2022
A- and above
\u00a3 million
Below A-
\u00a3 million
Unrated/other
\u00a3 million \u00a3 million
Financial assets
Trade receivables \u2013 \u2013 367 367
Other non-current assets \u2013 \u2013 91 91
Derivative financial instruments 442 \u2013 \u2013 442
Restricted cash 7 \u2013 \u2013 7
Money market deposits 126 \u2013 \u2013 126
Cash and cash equivalents 3,511 3 \u2013 3,514
Tota l 4,086 3 458 4,547
At the end of each reporting date easyJet recognises a loss allowance for expected credit losses on
financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to
be recognised, easyJet applies either the general approach or the simplified approach, depending on the
nature of the underlying group of financial assets. See note 1a for further detail.
The general approach is applied to the impairment assessment of refundable lease deposits and other
refundable lease contributions, restricted cash, money market deposits and cash and cash equivalents
(excluding money market funds held at fair value through profit or loss). At 30 September 2023, the
expected credit loss was considered immaterial. This is due to easyJet\u2019s strict policy of investing only
with counterparties who hold a high, investment grade credit standing (except in specific circumstances)
as detailed in the tables above.
The simplified approach is applied to the impairment assessment of trade and other receivables.
At 30 September 2023, trade receivables had a total loss allowance of \u00a35 million (2022: \u00a38 million).
The exposure to individual customer\u2019s credit risk is reduced as no individual customer accounts for a
substantial amount of the total revenue and most payments for flight tickets are collected in advance
of the service being provided.
",
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"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-525": {
"value": "Foreign currency risk management
The majority of easyJet\u2019s exposure to currency arises from fluctuations in the US dollar, euro and Swiss
franc exchange rates which can significantly impact easyJet\u2019s financial results and cash flows. The aim of
easyJet\u2019s foreign currency risk management is to reduce the impact of these exchange rate fluctuations.
easyJet has maintained hedging in line with policy throughout the year, with the exception of revenue
hedging (Swiss franc and euro income) where exposures were hedged in line with policy from January
2023 onwards after hedging was paused during the pandemic.
Significant currency exposures in the income statement are managed through the use of currency
forward contracts entered into cash flow hedge relationships in line with the Board approved policy.
Throughout the year easyJet hedged operational US dollar, euro, and Swiss franc exposures to an 18
month hedging policy (Swiss franc and euro exposures from January 2023, as above) with the aim of
maintaining average cover of c.60% over a rolling 12-month period.
Of note, the Group separately manages foreign exchange risk related to forecast cash outflows
associated with package holiday costs. Significant currency exposures relating to the acquisition cost of
aircraft are managed through the use of FX forward contracts where up to 36 months of forecasted
cash flows may be hedged.
easyJet has monetary liabilities denominated in US dollars and euros, which are largely offset by holding
US dollar and euro cash, and money market deposits. FX forward contracts are also used to manage
foreign exchange translation risk. These are classified as fair value through profit or loss (e.g. not
designated in a hedge relationship). During the year, easyJet used euro lease liabilities to hedge a
proportion of its euro revenue receipts in a cash flow hedge relationship. Revaluations of these euro
liabilities are held in reserves and released on a straight-line basis over the term of the lease agreement
through profit or loss.
Management may take action to hedge other currency exposures as deemed appropriate.
The gross notional of transactions in a hedge relationship that occurred during the financial year to
manage the foreign currency risk and the resulting gains and losses were as follows:
FY23
Notional
\u00a3m
Gain/(loss)
\u00a3m
USD 1,634 14
EUR 1,091 (8)
CHF 192 (2)
Notional value reflects the sterling contractual leg amount.
Capital financing and interest rate risk management
The objective of capital management is to ensure that easyJet is able to continue as a going concern
whilst delivering shareholder expectations of a strong capital base as well as returning benefits for other
stakeholders.
On 30 September 2023, easyJet held long-term corporate credit ratings from both Standard & Poor\u2019s
(BBB) and Moody\u2019s (Baa3).
easyJet plc established a \u00a33,000 million Euro Medium Term Note (EMTN) Programme on 7 January 2016.
Subsequently easyJet plc has issued three bonds under this programme, one of which has been repaid,
and easyJet FinCo B.V. has issued one bond. The three remaining bonds under this scheme are
guaranteed by easyJet Airline Company Limited, easyJet plc and easyJet FinCo B.V.
On 11 February 2022, the EMTN Programme increased in size to \u00a34,000 million.
In February 2016, easyJet plc issued a \u20ac500 million bond under the \u00a33,000 million EMTN Programme
guaranteed by easyJet Airline Company Limited. The Eurobond had a seven-year term and paid an
annual fixed coupon of 1.750%. At the same time the Group entered into three cross-currency interest
rate swaps to convert the entire \u20ac500 million fixed rate Eurobond to a sterling floating rate exposure.
In February 2023, this bond reached maturity and was settled, with a corresponding gain realised on
settlement of the cross-currency swap.
In October 2016, easyJet plc issued a \u20ac500 million bond under the \u00a33,000 million EMTN Programme
guaranteed by easyJet Airline Company Limited. The Eurobond has a seven-year term and pays an
annual fixed coupon of 1.125%. Shortly after the issuance of the \u20ac500 million bond the Group entered
into three cross-currency interest rate swaps to convert the entire \u20ac500 million fixed rate Eurobond to a
sterling fixed rate exposure. The cross-currency interest rate swaps were executed in November 2016
with settlement and notional exchange occurring in the same month. All three swaps pay fixed interest
semi-annually, receive fixed interest annually, and have maturities matching the Eurobond. The Group
designated all three cross-currency interest rate swaps as a cash flow hedge of the currency risk on the
\u20ac500 million Eurobond. The cross-currency interest rate swaps are measured at fair value with the
effective portion taken through the statement of comprehensive income. The element of the fair value
generated by the change in the spot rate is recycled to the income statement from the statement of
comprehensive income to offset the revaluation of the Eurobond. The carrying value of the fixed rate
Eurobond net of the cross-currency interest rate swap at 30 September 2023 was \u00a3445 million. This
value does not include capitalised set-up costs incurred in the issuing of the bond. This bond was repaid
in October 2023.
In June 2019, easyJet plc issued a \u20ac500 million bond under the \u00a33,000 million EMTN Programme
guaranteed by easyJet Airline Company Limited. The Eurobond is for a six-year term and pays an annual
fixed coupon of 0.875%. At the same time the Group entered into three cross-currency interest rate
swaps to convert the entire \u20ac500 million fixed rate Eurobond to a sterling fixed rate exposure. All three
swaps pay fixed interest semi-annually, receive fixed interest annually, and have maturities matching the
Eurobond. The Group designated all three cross-currency interest rate swaps as a cash flow hedge of the
currency risk on the \u20ac500 million Eurobond. The cross-currency interest rate swaps are measured at fair
value with the effective portion taken through the statement of comprehensive income. The element of
the fair value generated by the change in the spot rate is recycled to the income statement from the
statement of comprehensive income to offset the revaluation of the Eurobond. The carrying value of the
fixed rate Eurobond net of the cross-currency interest rate swap at 30 September 2023 was \u00a3441 million.
This value does not include capitalised set-up costs incurred in the issuing of the bond.
In March 2021, easyJet FinCo B.V. issued a \u20ac1,200 million bond under the \u00a33,000 million EMTN
Programme guaranteed by easyJet Airline Company Limited and easyJet plc. The Eurobond has a
seven-year term and pays an annual fixed coupon of 1.875%. easyJet subsequently entered into four
cross-currency interest rate swaps to convert \u20ac600 million of the fixed rate Eurobond to a sterling fixed
rate exposure. All four swaps pay fixed interest semi-annually, receive fixed interest annually, and have
maturities matching the Eurobond. The Group designated these cross-currency interest rate swaps as a
cash flow hedge of the currency risk on the \u20ac1,200 million Eurobond. The cross-currency interest rate
swaps are measured at fair value with the effective portion taken through the statement of
comprehensive income. The element of the fair value generated by the change in the spot rate is
recycled to the income statement from the statement of comprehensive income to offset the
revaluation of the Eurobond. The carrying value of the hedged element of the fixed rate Eurobond net
of the cross-currency interest rate swap at 30 September 2023 was \u00a31,031 million. This value does not
include capitalised set-up costs incurred in the issuing of the bond.
The weighted average sterling interest rate hedged for the three bonds was 2.59% with a weighted
average GBP/EUR foreign exchange hedge rate of 1.14.
Interest rate cash flow risk arises on floating rate borrowings and cash investments.
Interest Rate Risk Management Policy aims to provide certainty in a proportion of financing while
retaining the opportunity to benefit from interest rate reductions. Borrowings are issued at either fixed or
floating interest rates, repricing every three to six months. A significant proportion of the US dollar debt
liabilities are matched with US dollar cash assets by value. Operating leases are a mix of fixed and
floating rates. Of the 153 aircraft operating leases in place at 30 September 2023 (2022: 142), 95% were
based on fixed interest rates and 5% were based on floating interest rates (2022: 95% fixed, 5% floating).
In addition, easyJet has access to facilities which are fully undrawn at 30 September 2023; a $400
million Revolving Credit Facility due to mature in September 2025 (with potential extension to September
2026), and a $1,750 million UKEF backed facility maturing in June 2028.
Commodity price risk management
The Group is exposed to commodity risk in the form of jet fuel requirements and Carbon Emissions
Trading schemes (EU ETS, CH ETS and UK ETS) price risk. easyJet has maintained risk management
activities throughout the year in line with policy.
The objective of the fuel price risk management policy is to provide protection against sudden and
significant increases in jet fuel prices, thus mitigating volatility in the income statement in the short term.
In the year, easyJet hedged in line with its 18-month hedging policy with the aim of maintaining average
cover of c.60% over a rolling 12-month period. Jet fuel derivatives are entered into a cash flow hedge
relationship against the future forecasted jet fuel usage. Treasury strategies and actions will be driven by
the need to meet treasury, financial and corporate objectives.
The volume of effective hedge transactions that occurred during the financial year to manage the jet
commodity price risk was 1.9 million metric tonnes. This resulted in a \u00a368 million gain (2022: \u00a3581 million
gain) in the fuel line within the income statement.
The Group has a requirement to comply with EU ETS, CH ETS and UK ETS regulations and report on an
annual basis to the relevant environmental agencies. In addition to being in receipt of free allowances,
easyJet is required to purchase carbon allowances on the open market to fulfil this requirement and is
exposed to price movements that can introduce cash flow volatility. To mitigate this exposure easyJet
purchases its requirements on a spot or forward basis up to 24 months in advance. easyJet holds
allowances for 100% of all estimated ETS obligations for calendar year 2023.
ETS allowance spot and forward contracts maturing in the year were not classified as financial
instruments as they fell within the own use provision under IFRS 9.
Market risk sensitivity analysis
Financial assets and liabilities affected by market risk include borrowings, deposits, trade and other
receivables, trade and other payables, and derivative financial instruments. The following analysis
illustrates the sensitivity of changes in relevant foreign exchange rates, interest rates and fuel prices. It
should be noted that the analysis reflects the impact on profit or loss after tax for the year and other
comprehensive income on financial instruments in a cash flow hedge relationship held at the reporting
date. The sensitivities are calculated based on all other variables remaining constant. The analysis is
considered representative of easyJet\u2019s exposure over the next 12-month period.
The sensitivity analysis is based on easyJet\u2019s financial assets and liabilities and financial instruments held
as at 30 September 2023.
The currency exchange rate analysis assumes a +/-10% change in both US dollar and euro exchange rates.
The interest rate analysis assumes a 1% increase in interest rates over the next 12 months.
The fuel price analysis assumes a 10% increase in the fuel price forward curve over the next 12 months.
At 30 September 2023
Currency rates
US dollar +10%
1
\u00a3 million
US dollar -10%
2
\u00a3 million
Euro +10%
1
\u00a3 million
Euro -10%
2
\u00a3 million
Interest rates
1% increase
\u00a3 million
Fuel price 10%
increase
\u00a3 million
Income statement impact: gain/(loss) (6) 5 7 (6) 21 \u2013
Impact on other comprehensive income: increase/(decrease) 135 (110) 3 (2) \u2013 93
At 30 September 2022
Currency rates
US dollar +10%
1
\u00a3 million
US dollar -10%
2
\u00a3 million
Euro +10%
1
\u00a3 million
Euro -10%
2
\u00a3 million
Interest rates
1% increase
\u00a3 million
Fuel price 10%
increase
\u00a3 million
Income statement impact: gain/(loss) (18) 14 33 (27) 19 \u2013
Impact on other comprehensive income: increase/(decrease) 145 (119) (39) 32 \u2013 113
1) GBP weakened.
2) GBP strengthened.
The market risk sensitivity analysis has been calculated on spot rates for the US dollar, euro and jet fuel at close of business on 30 September each year. Impact on the financial statements during the year ended 30 September 2023 Details of major hedging arrangements at the reporting date are set out below, broken down by the cash maturity of hedge instruments, notional and average rates. Hedge instrument (notional in millions) Within one year Greater than one year Jet fuel hedged notional 1 \u2013 Average hedge rate 844 824 USD foreign exchange hedged notional 1,246 177 Average hedge rate 1.23 1.25 EUR foreign exchange hedged notional 568 57 Average hedge rate 1.13 1.13 CHF foreign exchange hedged notional 199 22 Average hedge rate 1.09 1.07 Notional expressed in the sterling contractual leg for currencies and metric tonnes for jet fuel. ",
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"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-532": {
"value": "Market risk sensitivity analysis Financial assets and liabilities affected by market risk include borrowings, deposits, trade and other receivables, trade and other payables, and derivative financial instruments. The following analysis illustrates the sensitivity of changes in relevant foreign exchange rates, interest rates and fuel prices. It should be noted that the analysis reflects the impact on profit or loss after tax for the year and other comprehensive income on financial instruments in a cash flow hedge relationship held at the reporting date. The sensitivities are calculated based on all other variables remaining constant. The analysis is considered representative of easyJet\u2019s exposure over the next 12-month period. The sensitivity analysis is based on easyJet\u2019s financial assets and liabilities and financial instruments held as at 30 September 2023. The currency exchange rate analysis assumes a +/-10% change in both US dollar and euro exchange rates. The interest rate analysis assumes a 1% increase in interest rates over the next 12 months. The fuel price analysis assumes a 10% increase in the fuel price forward curve over the next 12 months. At 30 September 2023 Currency rates US dollar +10% 1 \u00a3 million US dollar -10% 2 \u00a3 million Euro +10% 1 \u00a3 million Euro -10% 2 \u00a3 million Interest rates 1% increase \u00a3 million Fuel price 10% increase \u00a3 million Income statement impact: gain/(loss) (6) 5 7 (6) 21 \u2013 Impact on other comprehensive income: increase/(decrease) 135 (110) 3 (2) \u2013 93 At 30 September 2022 Currency rates US dollar +10% 1 \u00a3 million US dollar -10% 2 \u00a3 million Euro +10% 1 \u00a3 million Euro -10% 2 \u00a3 million Interest rates 1% increase \u00a3 million Fuel price 10% increase \u00a3 million Income statement impact: gain/(loss) (18) 14 33 (27) 19 \u2013 Impact on other comprehensive income: increase/(decrease) 145 (119) (39) 32 \u2013 113 1) GBP weakened. 2) GBP strengthened. The market risk sensitivity analysis has been calculated on spot rates for the US dollar, euro and jet fuel at close of business on 30 September each year. Impact on the financial statements during the year ended 30 September 2023 Details of major hedging arrangements at the reporting date are set out below, broken down by the cash maturity of hedge instruments, notional and average rates. Hedge instrument (notional in millions) Within one year Greater than one year Jet fuel hedged notional 1 \u2013 Average hedge rate 844 824 USD foreign exchange hedged notional 1,246 177 Average hedge rate 1.23 1.25 EUR foreign exchange hedged notional 568 57 Average hedge rate 1.13 1.13 CHF foreign exchange hedged notional 199 22 Average hedge rate 1.09 1.07 Notional expressed in the sterling contractual leg for currencies and metric tonnes for jet fuel. ",
"dimensions": {
"concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-526": {
"value": "Hedge discontinuation and ineffectiveness Hedge effectiveness testing on all relationships is performed at each reporting date. Whilst the critical terms matching of the Group\u2019s hedge relationships means that any ineffectiveness should be minimal, it can be driven by factors such as material changes in credit risk, price fixing basis (in the case of jet fuel) or changes in the timings of the hedged cash flows. In the year ended 30 September 2023, there were no occasions where easyJet\u2019s hedges exceeded forecasted exposures and therefore no hedge discontinuation took place. All hedge relationships where the underlying exposure is still anticipated to occur continue to exhibit a strong economic hedge relationship as the changes in fair value of hypothetical hedged items is materially offset by the changes in the fair value of hedging instruments. Additionally, fair value adjustments of \u00a31 million loss (2022: \u00a31 million gain) were recorded during the period related to hedge ineffectiveness on hedges of foreign currency denominated borrowings that continue to be effective hedge relationships.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-504": {
"value": "27. CONTINGENT LIABILITIES AND COMMITMENTS Contingent liabilities easyJet is involved in a number of disputes and litigation cases which arose in the normal course of business. The potential outcome of these disputes and litigations can cover a range of scenarios, and in complex cases reliable estimates of any potential obligation may not be possible. easyJet has previously disclosed an investigation by the Information Commissioner\u2019s Office (ICO) into a cyberattack and subsequent data breach that took place in 2020. The ICO has advised in this financial year that no further action will be taken and the investigation against easyJet is now closed. Due to the uncertainty surrounding the investigation no provision had been made for an estimated outcome from the case, and as such there is no impact on the financial statements of the ICO\u2019s decision to close the investigation. Although the ICO investigation is closed, the associated class action filed in May 2020 in the UK High Court by a law firm representing a class of customers affected by the data breach arising from the cyberattack, remains in place. Similarly, other claims have been commenced or are threatened in certain other courts and jurisdictions. The merit, likely outcome and potential impact of these actions are subject to significant uncertainties and therefore the Group is unable to currently assess the likely outcome or quantum of the claims, and as such a provision is not included in these financial statements. Additionally, there is a possibility of a claim being made by a third-party supplier, for what would be a material recovery. Management have assessed the likelihood of a case being brought, easyJet\u2019s response and likelihood of a successful defence, and at this stage do not consider it appropriate to provide for such a possibility. Contingent commitments Letters of credit and performance bonds At 30 September 2023, easyJet had outstanding letters of credit and performance bonds totalling \u00a345 million (2022: \u00a343 million), of which \u00a312 million (2022: \u00a310 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 and the fair value has been assessed to be \u00a3nil. Aircraft orders easyJet\u2019s current order book with Airbus extends to calendar year 2028 and will deliver 158 aircraft (90 A320neo and 68 A321neo). This will continue the Company\u2019s fleet modernisation, as the 156 seat A319 and some A320ceo aircraft (180 or 186 seat) leave the business and new A320neo (186 seat) and A321neo (235 seat) aircraft enter, providing upgauging, cost and sustainability enhancements. Further, easyJet has a commitment with CFM to purchase two LEAP engines in FY24. In addition, easyJet has entered into conditional arrangements with Airbus to secure the delivery of a further 157 aircraft (56 A320neo and 101 A321neo) between FY29 and FY34 as well as 100 purchase rights (the \u2018Proposed Purchase\u2019). This provides easyJet with the ability to complete its fleet replacement programme of A319 aircraft and replace approximately half of the A320ceo aircraft, alongside providing the foundation for disciplined growth. The conditional arrangement includes easyJet\u2019s agreement with Airbus to exercise conversion rights of 35 A320neo deliveries into A321neo aircraft (the \u2018Conversion\u2019). Alongside the Proposed Purchase this arrangement will deliver lower fuel burn, lower CO 2 emissions and lower operating costs per seat. The scale of the Proposed Purchase and the Conversion means that both are conditional on shareholder approval at a general meeting of the shareholders which will be held in December 2023. Based on latest list prices for aircraft published in January 2018, the Proposed Purchase and the Conversion are expected to result in an aggregate commitment of approximately $19.9 billion, which will be spread over a number of years. The aggregate actual price for the aircraft would be substantially lower because of certain price concessions granted by Airbus. At the year end date easyJet had a commitment for six aircraft lease contracts, where the aircraft had not been delivered, with a combined value of \u00a367 million. Subsequent to 30 September 2023, two aircraft have been delivered reducing the commitment to \u00a345 million. Pathway to net zero On 26 September 2022, easyJet announced its pathway to net zero. This roadmap references several partnerships with other commercial companies to explore certain technologies which may assist with the overall goal to decarbonise the aviation industry. The majority of these partnerships are in fact agreements to work together on the areas identified and do not involve a financial commitment from easyJet other than the time and effort involved in the collaboration over an agreed period. Where there is a signed agreement requiring a financial commitment from easyJet in the future, any future payments are contingent on project progress or product / service delivery and are therefore not certain, hence no liability has been recognised for these payments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-527": {
"value": "Contingent liabilities easyJet is involved in a number of disputes and litigation cases which arose in the normal course of business. The potential outcome of these disputes and litigations can cover a range of scenarios, and in complex cases reliable estimates of any potential obligation may not be possible. easyJet has previously disclosed an investigation by the Information Commissioner\u2019s Office (ICO) into a cyberattack and subsequent data breach that took place in 2020. The ICO has advised in this financial year that no further action will be taken and the investigation against easyJet is now closed. Due to the uncertainty surrounding the investigation no provision had been made for an estimated outcome from the case, and as such there is no impact on the financial statements of the ICO\u2019s decision to close the investigation. Although the ICO investigation is closed, the associated class action filed in May 2020 in the UK High Court by a law firm representing a class of customers affected by the data breach arising from the cyberattack, remains in place. Similarly, other claims have been commenced or are threatened in certain other courts and jurisdictions. The merit, likely outcome and potential impact of these actions are subject to significant uncertainties and therefore the Group is unable to currently assess the likely outcome or quantum of the claims, and as such a provision is not included in these financial statements. Additionally, there is a possibility of a claim being made by a third-party supplier, for what would be a material recovery. Management have assessed the likelihood of a case being brought, easyJet\u2019s response and likelihood of a successful defence, and at this stage do not consider it appropriate to provide for such a possibility. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-533": {
"value": "Contingent commitments Letters of credit and performance bonds At 30 September 2023, easyJet had outstanding letters of credit and performance bonds totalling \u00a345 million (2022: \u00a343 million), of which \u00a312 million (2022: \u00a310 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 and the fair value has been assessed to be \u00a3nil. Aircraft orders easyJet\u2019s current order book with Airbus extends to calendar year 2028 and will deliver 158 aircraft (90 A320neo and 68 A321neo). This will continue the Company\u2019s fleet modernisation, as the 156 seat A319 and some A320ceo aircraft (180 or 186 seat) leave the business and new A320neo (186 seat) and A321neo (235 seat) aircraft enter, providing upgauging, cost and sustainability enhancements. Further, easyJet has a commitment with CFM to purchase two LEAP engines in FY24. In addition, easyJet has entered into conditional arrangements with Airbus to secure the delivery of a further 157 aircraft (56 A320neo and 101 A321neo) between FY29 and FY34 as well as 100 purchase rights (the \u2018Proposed Purchase\u2019). This provides easyJet with the ability to complete its fleet replacement programme of A319 aircraft and replace approximately half of the A320ceo aircraft, alongside providing the foundation for disciplined growth. The conditional arrangement includes easyJet\u2019s agreement with Airbus to exercise conversion rights of 35 A320neo deliveries into A321neo aircraft (the \u2018Conversion\u2019). Alongside the Proposed Purchase this arrangement will deliver lower fuel burn, lower CO 2 emissions and lower operating costs per seat. The scale of the Proposed Purchase and the Conversion means that both are conditional on shareholder approval at a general meeting of the shareholders which will be held in December 2023. Based on latest list prices for aircraft published in January 2018, the Proposed Purchase and the
Conversion are expected to result in an aggregate commitment of approximately $19.9 billion, which will
be spread over a number of years. The aggregate actual price for the aircraft would be substantially
lower because of certain price concessions granted by Airbus.
At the year end date easyJet had a commitment for six aircraft lease contracts, where the aircraft had
not been delivered, with a combined value of \u00a367 million. Subsequent to 30 September 2023, two
aircraft have been delivered reducing the commitment to \u00a345 million.
Pathway to net zero
On 26 September 2022, easyJet announced its pathway to net zero. This roadmap references several
partnerships with other commercial companies to explore certain technologies which may assist with
the overall goal to decarbonise the aviation industry. The majority of these partnerships are in fact
agreements to work together on the areas identified and do not involve a financial commitment from
easyJet other than the time and effort involved in the collaboration over an agreed period. Where there
is a signed agreement requiring a financial commitment from easyJet in the future, any future payments
are contingent on project progress or product / service delivery and are therefore not certain, hence no
liability has been recognised for these payments.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-505": {
"value": "28. GOVERNMENT GRANTS AND ASSISTANCE During the year ended 30 September 2023, easyJet Airline Company Limited continued to claim \u2018activit\u00e9 partielle longue dur\u00e9e\u2019, long-term partial activity (APLD), a scheme implemented by the French Government under which, subject to agreement with trade unions, it is possible to reduce the activity of employees, within the limit of 50% of their legal working time, while maintaining a compensation funded by the Government. The total amount claimed by easyJet companies in the year ended 30 September 2023 amounted to \u00a33 million (2022: \u00a38 million, received through this scheme and similar \u2018furlough schemes\u2019 operated by the Governments of Switzerland and Germany) and is offset within employee costs in the income statement. There are no unfulfilled conditions or contingencies relating to this scheme. On 8 January 2021, easyJet Airline Company Limited signed a five-year term loan facility of $1.87 billion (with easyJet plc as a Guarantor), underwritten by a syndicate of banks and supported by a partial guarantee from UK Export Finance under their Export Development Guarantee scheme. The Export Development Guarantee scheme for commercial loans is available to qualifying UK companies, does not carry preferential rates or require state aid approval, but does contain some restrictive covenants including dividend payments. However, these restrictive covenants are compatible with easyJet\u2019s existing policies. In April 2022, easyJet repaid $100 million of this facility, reducing the overall UKEF facility size from $1.87 billion to $1.77 billion and in June 2023 this facility was repaid and terminated. A new five-year undrawn facility of $1.75 billion was entered into in June 2023. Embedded within the facility is a sustainability key performance indicator linked to a reduction in carbon emission intensity in line with easyJet\u2019s SBTi validated target, with a margin adjustment mechanism (upward or downward) conditional on the achievement of specific milestones. Other than the sustainability linkage the facility is on similar terms to the 2021 agreement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-506": {
"value": "29. RELATED PARTY TRANSACTIONS The Company licences the easyJet brand from easyGroup Limited (\u2018easyGroup\u2019), a wholly owned subsidiary of easyGroup Holdings Limited, an entity in which easyJet\u2019s founder, Sir Stelios Haji-Ioannou, holds a beneficial controlling interest. The Haji-Ioannou family concert party shareholding (being easyGroup Holdings Limited and Polys Holding Limited) holds, in total, approximately 15.27% of the issued share capital of easyJet plc as at 30 September 2023. Under the Amended Brand Licence signed in October 2010 and approved by the shareholders of easyJet plc in December 2010, an annual royalty of 0.25% of total revenue is payable by easyJet to easyGroup. The full term of the agreement is 50 years. easyJet and easyGroup established a fund to meet the annual costs of protecting the \u2018easy\u2019 (and related marks) and the \u2018easyJet\u2019 brands. easyJet contributes up to \u00a31 million per annum to this fund and easyGroup contributes \u00a3100,000 per annum. If easyJet contributes more than \u00a31 million per annum, easyGroup will match its contribution in the ratio of 1:10 up to a limit of \u00a35 million contributed by easyJet and \u00a3500,000 contributed by easyGroup. Three side letters have been entered into: (i) a letter dated 29 September 2016 in which easyGroup consented to easyJet acquiring a portion of the equity share capital in Founders Factory Limited; (ii) a letter dated 26 June 2017 in which easyJet\u2019s permitted usage of the brand was slightly extended; and (iii) a letter dated 2 February 2018 in which easyGroup agreed that certain affiliates of easyJet have the right to use the brand. The amounts included in the income statement, within other costs, for these items are as follows: 2023 \u00a3 million 2022 \u00a3 million Annual royalty 20 14 Brand protection (legal fees paid through easyGroup to third parties) 1 2 21 16 At 30 September 2023, \u00a36.0 million (2022: \u00a311.1 million) was payable to easyGroup.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
},
"fact-507": {
"value": "30. EVENTS AFTER THE STATEMENT OF FINANCIAL POSITION DATE
After the statement of financial position date of 30 September 2023,
> in October 2023, the October 2016 Eurobond of \u20ac500 million was repaid;
> in October 2023, three A319 aircraft were sold and leased back with gross proceeds of \u00a332 million; and
> in November 2023, easyJet signed two aircraft leases with a combined value of \u00a312 million.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138001S47XKWIB7TH90",
"period": "2022-10-01T00:00:00/2023-10-01T00:00:00"
}
}
}
}