Ryanair 2010 Annual Report Download - page 163
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161
Derivatives – currency forwards and aircraft fuel contracts: A comparison of the contracted rate to
the market rate for contracts providing a similar risk management profile at March 31, 2010, 2009 and 2008 has
been made.
The table below analyses financial instruments carried at fair value in the balance sheet categorised by
the type of valuation method used. The different valuation levels are defined as follows:
• Level 1: Inputs are based on unadjusted quoted prices in active markets for identical instruments.
• Level 2: Inputs are based on quoted prices for identical or similar instruments in markets that are not
active, quoted prices for similar instruments in active markets, and model-based valuation techniques for
which all significant assumptions are observable in the market or can be corroborated by observable
market data for substantially the full term of the asset or liability.
• Level 3: Inputs for the asset or liability are not based on observable market data.
Level 1 Level 2 Level 3 Total
1M 1M 1M 1M
At March 31, 2010
Assets measured at fair value
Available-for-sale financial asset................................
..................
116.2 - - 116.2
Cash-flow hedges – US dollar currency forward contracts
...........
- 99.8 - 99.8
Cash-flow hedges – GBP currency forward contracts
...................
- 3.0 - 3.0
Cash-flow hedges – jet fuel derivative contracts
...........................
- 42.6 - 42.6
116.2 145.4 - 261.6
Liabilities measured at fair value
Cash-flow hedges – interest rate swaps................................
.........
- (76.4) - (76.4)
- (76.4) - (76.4)
During the year ended March 31, 2010, there were no transfers between Level 1 and Level 2 fair-value
measurements, and no transfers into or out of Level 3 fair-value measurement.
(b) Commodity risk
The Company’s exposure to price risk in this regard is primarily for jet fuel used in the normal course
of operations.
At the year-end, the Company had the following jet fuel arrangements in place:
At March 31,
2010 2009 2008
1M 1M 1M
Jet fuel forward contracts – fair value................................
..........................
42.6 (106.7) 6.0
All of the above commodity contracts mature within the year and are matched against highly probable
forecast fuel purchases.