EasyJet 2012 Annual Report Download - page 94

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Accounts & other information
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 2012
Within 1 year
£ million
1–2 years
£ million
Total
£ million
Hedges of transaction currency risk 17 (8) 9
Hedges of jet fuel price risk 39 5 44
56 (3) 53
Related deferred tax (11)
42
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
2012
£ million
2011
£ million
Gains on cash flow hedges recycled from other comprehensive income in
income statement captions:
Revenue 21 9
Fuel 51 142
Other costs 1 1
Aircraft lease costs 1 –
74 152
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:
2012
$ million
2011
$ million
Cash and money market deposits 619 673
Borrowings (1,245) (1,654)
Maintenance provisions (280) (301)
Other 39 73
Net monetary liabilities (867) (1,209)
Forward US dollar contracts 850 1,240
(17) 31
easyJet plc
Annual report and accounts 2012
92