EasyJet 2008 Annual Report Download - page 72

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23 Financial instruments (continued)
Financial instruments are revalued based on exchange rates at the period end date. Amounts recorded in the income statement are as follows:
2008 2007
£million £million
Operating profit
Unrealised revaluation gains/(losses) on non-derivative financial instruments 15.5 (1.1)
Unrealised revaluation (losses)/gains on other monetary assets and liabilities (13.5) 3.4
Realised foreign exchange (losses)/gains on financial instruments (6.7) 1.6
Unrealised gains/(losses) on derivatives held for trading 1.4 (0.3)
Realised gains/(losses) on derivatives 10.8 (5.5)
7.5 (1.9)
Financing costs
Unrealised gains on derivatives 0.3 0.4
Unrealised revaluation gains on other financial instruments 0.7 13.1
Realised gains/(losses) on derivatives 3.3 (11.9)
4.3 1.6
Net gains/(losses) 11.8 (0.3)
Fair value of derivative financial instruments
Quantity Assets Liabilities
At 30 September 2008 million £million £million
Designated as cash flow hedges
Forward US dollar contracts 1,876.2 100.7 –
Forward euro contracts 440.0 3.4 (1.1)
Forward Swiss franc contracts 100.0 – (0.1)
Zero cost US dollar collars 72.0 0.6 –
Forward jet fuel contracts 0.7 11.7 (75.1)
Designated as held for trading
Forward US dollar contracts 318.0 1.4 –
117.8 (76.3)
Less non-current portion
Forward contracts 21.3 (0.3)
Current portion 96.5 (76.0)
Quantity Assets Liabilities
At 30 September 2007 million £million £million
Designated as cash flow hedges
Forward US dollar contracts 1,363.9 – (17.0)
Zero cost US dollar collars 367.0 – (15.6)
Forward jet fuel contracts 0.3 14.4 –
Designated as held for trading
Forward US dollar contracts 100.0 – (0.3)
14.4 (32.9)
Less non-current portion
Forward contracts – (3.4)
Zero cost collars – (2.9)
Current portion 14.4 (26.6)
For jet fuel contracts, quantity represents contracted metric tonnes. For currency contracts, quantity represents the nominal value of currency contracts held,
disclosed in the contract currency.
easyJet plc
Annual report and accounts 2008
Notes to the
financial statements
continued
70