EasyJet 2010 Annual Report Download - page 85

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Overview Business review Governance Accounts Other information
easyJet plc
Annual report and accounts 2010
83
The cumulative net gains / (losses) deferred in shareholders’ equity and their expected maturities are as follows:
At 30 September 2010
Within 1 year
£ million
1–2 years
£ million
Total
£ million
Hedges of transaction currency risk 20.4 1.8 22.2
Hedges of jet fuel price risk 23.5 2.3 25.8
43.9 4.1 48.0
Related deferred tax (13.2)
Net gains 34.8
At 30 September 2009
Within 1 year
£ million
1–2 years
£ million
Total
£ million
Hedges of transaction currency risk 13.4 1.8 15.2
Hedges of jet fuel price risk (53.1) 4.7 (48.4)
(39.7) 6.5 (33.2)
Related deferred tax 9.3
Net losses (23.9)
2010
£ million
2009
£ million
Gains / (losses) on cash flow hedges recycled from other comprehensive income into income statement
captions:
Revenue 1.3 (30.5)
Fuel 1.1 (209.3)
Maintenance 0.5 1.3
Other costs 0.3 1.4
Profit on disposal of assets held for sale – (4.4)
Aircraft dry leasing 5.2 13.2
8.4 (228.3)
Derivatives designated as held for trading
easyJet has material net monetary liabilities denominated in US dollars at each balance sheet date. In accordance with IAS 21, monetary
assets and liabilities are revalued using exchange rates at the balance sheet date. This exposure is managed by the use of forward foreign
exchange contracts.
The net US dollar position at each balance sheet date was as follows:
2010
$ million
2009
$ million
Cash and money market deposits 708.9 896.4
Borrowings (1,571.0) (1,498.9)
Maintenance provisions (299.0) (289.5)
Other 78.4 97.1
Net monetary liabilities (1,082.7) (794.9)
Forward US dollar contracts 1,055.0 825.0
(27.7) 30.1