14 - 15 Annual Results
Flybe made a loss before tax of £(35.6)m (2013/14: £8.1m profit). However, this loss before tax is affected by non-cash revaluations on our USD loans that are intended to be hedges against the value of each aircraft, whose value is denominated in dollars. If these movements are excluded, we made an adjusted loss of £(25.4)m (2013/14: loss of £(0.1)m). Cost of surplus aircraft were £(26.0)m this year against £(1.7)m the previous year and this year included significant costs of the Finland discontinued operations of £(12.0)m and £(4.0)m provision for EU261 claims on delayed and cancelled flights prior to 1st April 2014. Conversely, 2013/14 had one-off restructuring costs of £(10.7)m, offset by one-off £10.5m profit from the sale of our Gatwick slots. For illustrative purposes, therefore the UK profit net of these factors would have been £16.6m (2013/14 £1.7m).
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