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Flyjet
Extracts from financial statements
Fly-jet
Consolidated income statement
for the year ended 31 March 2015
Notes
Revenue

2015
$m
1,858

2014
$m
1,672

Staff costs
Fuel
Airport charges
Ground operations
Maintenance
Depreciation and amortisation
Marketing
Restructuring costs
Other operating expenses

(268)
(276)
(248)
(172)
(76)
(726)
(52)
(36)
(64)

(228)
(215)
(179)
(165)
(74)
(698)
(48)
(48)

Operating loss

(60)

17

Finance costs

(4)

(5)

(64)

12

(2)

(10)

(66)

[1]
[2]

Profit/(Loss) before tax

Tax expense

[3]

Loss for year

Fly-jet
Consolidated statement of changes in equity
for the year ended 31 March 2015

Balance as at 31 March 2014

Loss for the year
Balance as at 31 March 2015

Share
capital
$m
700
700

Share
premium
$m
400
400

Retained
earnings
$m
141
(66)
75

Total
equity
$m
1,241
(66)
1,175

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Reference material 8

Fly-jet
Consolidated statement of financial position
as at 31 March 2015

Non-current assets
Intangible assets
Property, plant and equipment
Current assets
Inventory
Trade receivables
Cash

Equity
Share capital
Share premium
Retained earnings

Non-current liabilities
Borrowings
Deferred tax

Current liabilities
Trade payables

Notes

2015
$m

2014
$m

[4]
[5]

114
1,443
1,557

113
2,194
2,307

8
91
11
110

7
98
16
121

1,667

2,428

700
400
75
1,175

700
400
141
1,241

395
3
298

1,100
6
1,006

94

81

1,567

2,328

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Reference material 8

Fly-jet
Consolidated Statement of Cash flows
For the year ended 31 March 2015

Cash flows from operating activities

Cash receipts from customers
Cash paid to suppliers and employees
Cash generated from operations
Income taxes paid
Net cash from operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of non-current intangibles
Proceeds from disposal of property, plant and equipment
Proceeds from disposal of non-current intangibles
Net cash used in investing activities
Cash flows from financing activities
Interest paid
Loan repayment
Dividend paid
Net cash from financing activities

$m

2014
$m

1,851
(1,113)
738
(6)
732

1,947
(1,072)
875
(13)
862

(64)
(6)
41
1
(28)

(875)

(4)
(705)

2
(873)

(5)

(709)

(5)
(10)

Net increase/(decrease) in cash and cash equivalents

(5)

(21)

Cash and cash equivalents at beginning of period

16

37

Cash and cash equivalents at end of period

11

16

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Notes
1 Restructuring costs
During the year Fly-jet ceased all operations from West Airport.
This necessitated the payment of $24m in compensation to various counterparties for the
cancellation of various contractual commitments associated with Fly-jet's operations. Fly-jet
also had to make 200 staff redundant at a cost of $12m.

2 Operating expenses
Other operating expenses include:

Losses on disposal of intangible assets

Losses on disposal of property, plant and equipment
Operating lease charges on aircraft

2015
$m
2
48
10

2014
$m
37
1

2015
$m
5
(3)
2

2014
$m
11
(1)
10

3 Tax expense

Current tax
Reversal on deferred tax
Tax expense

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4 Intangible assets
Landing
slots

Total

$m
100
-

$m
20
6
(4)

$m
120
6
(4)

100

12

122

Accumulated amortisation at 1 April 2014

Charge for year
Disposals

7
2
(1)

7
2
(1)

Accumulated amortisation at 31 March 2015

Net book value at 31 March 2015

100

114

Net book value at 1 April 2014

100

113

Property

Plant and
equipment

Total

Cost at 1 April 2014

Additions
Disposals

$m
46
-

$m
4,440
64
(187)

$m
4,486
64
(187)

Cost at 31 March 2015

46

4,317

4,363

Accumulated depreciation at 1 April 2014

Charge for year
Disposals

14
2
-

2,278
724
(98)

2,292
726
(98)

Accumulated depreciation at 31 March 2015

16

2,904

2,920

Net book value at 31 March 2015

30

1,413

1,443

Net book value at 1 April 2014

32

2,162

2,194

Goodwill

Cost at 1 April 2014

Additions
Disposals
Cost at 31 March 2015

5 Property, plant and equipment