Ryanair 2004 Annual Report Download - page 44

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16 INTEREST RATE RISK (Continued)
Interest rate related derivative arrangements (continued)
The table below illustrates the effect of swap transactions (each of which is with an established international financial
counterparty) onthe profile of thegroup’s debt.
2004 2003
Fixed Floating Total Fixed Floating Total
000 000 000 000 000 000
Short term borrowings - 345 345 - 1,316 1,316
Long term debt 536,718 408,271 944,989 581,447 246,786 828,233
Other debt 7,993 - 7,993 8,992 - 8,992
Borrowing profilebefore swaptransactions 544,711 408,616 953,327 590,439 248,102 838,541
Interest rate swaps 372,686 (372,686) - 246,786 (246,786) -
Borrowingprofile after swaptransactions 917,397 35,930 953,327 837,225 1,316 838,541
Theprofile of the group’s interest rate swaps for existingdebtandoperatinglease commitments are as follows:
2004 2003
Notional amount (000) 710,972 246,786
Debt commencement dates 2002-2004 2002-2003
Debt termination dates 2010-2016 2014-2015
Rate payable 5.37-5.97% 5.37-5.91%
In addition to the above, the group has entered into a series of forward starting interest rate swaps in order to cap interest
rate risk whicharises in respect of its forecasted draw-downs of long-term debt.
2004 2003
Notionalamount (000) 412,700 875,000
Debt commencement 2004-2005 2003-2005
Debt termination 2016-2017 2015-2017
Rates payable 5.70-5.73% 5.63-5.75%
(Continued)
Notes
44
A N N U A L R E P O RT & F I N A N C I A L S T A T E M E N T S 2 0 0 4