EasyJet 2011 Annual Report Download - page 94

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Notes to the accounts
Continued
21 Financial instruments continued
The cumulative net gains / (losses) deferred in shareholders’ equity and their expected maturities are as follows:
At 30 September 2011
Within 1 year
£ million
1–2 years
£ million
Total
£ million
Hedges of transaction currency risk 25 21 46
Hedges of jet fuel price risk (4) (24) (28)
21 (3) 18
Related deferred tax (4)
14
At 30 September 2010
Within 1 year
£ million
1–2 years
£ million
Total
£ million
Hedges of transaction currency risk 20 2 22
Hedges of jet fuel price risk 24 2 26
44 4 48
Related deferred tax (13)
35
2011
£ million
2010
£ million
Gains on cash flow hedges recycled from other comprehensive income in income
statement captions:
Revenue 9 1
Fuel 142 1
Maintenance – 1
Interest payable and other financing charges 1 –
Aircraft lease costs – 5
152 8
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.
Net US dollar monetary liabilities at each balance sheet date were as follows:
2011
$ million
2010
$ million
Cash and money market deposits 673 709
Borrowings (1,654) (1,571)
Maintenance provisions (301) (299)
Other 73 78
Net monetary liabilities (1,209) (1,083)
Forward US dollar contracts 1,240 1,055
31 (28)
92
easyJet plc
Annual report
and accounts 2011