Ryanair 2010 Annual Report Download - page 164
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162
(c) Maturity and interest rate risk profile of financial assets and financial liabilities
At March 31, 2010, the Company had total borrowings of 12,956.2 million (2009: 12,398.4 million;
2008: 12,266.5 million) from various financial institutions, provided primarily on the basis of guarantees
granted by the Export-Import Bank of the United States to finance the acquisition of 151 Boeing 737-800 “next
generation” aircraft (2009: 109; 2008: 107). The guarantees are secured with a first fixed mortgage on the
delivered aircraft. The remaining long-term debt relates to 20 aircraft held under finance leases (2009: 20; 2008:
14), 6 aircraft financed by way of other commercial debt (2009: 6; 2008: 6) and aircraft simulators. The three
remaining aircraft in Ryanair’s fleet at March 31, 2009, which the Company had agreed to dispose of at future
dates in 2010 (see Note 2 to the consolidated financial statements), were owned free and clear of financing-
related encumbrances.
The maturity profile of the Company’s financial liabilities (excluding aircraft provisions, trade
payables and accrued expenses) at March 31, 2010 was as follows:
All of the above debt maturing after 2014 will mature between 2014 and 2022.
Weighted
average
fixed rate
(%)
2011
1M
2012
1M
2013
1M
2014
1M
Thereafter
1M
Total
1M
Fixed rate
Secured long term-debt............... 3.03% 55.4 57.4 58.4 60.5 314.5 546.2
Debt swapped from floating to
fixed......................................... 4.68% 100.2 102.7 105.4 108.3 485.1 901.7
Secured long-term debt after
swaps........................................ 4.06% 155.6 160.1 163.8 168.8 799.6 1,447.9
Finance leases.............................. 2.63% - - - - 191.7 191.7
Total fixed rate debt.................... 155.6 160.1 163.8 168.8 991.3 1,639.6
Floating rate
Secured long-term debt............... 177.6 182.8 188.4 194.4 1,105.3 1,848.5
Debt swapped from floating to
fixed......................................... (100.2)
(102.7) (105.4) (108.3) (485.1) (901.7)
Secured long-term debt after
swaps........................................ 1.22% 77.4 80.1 83.0 86.1 620.2 946.8
Finance leases.............................. 1.70% 32.5 34.0 35.6 37.2 230.5 369.8
Total floating rate debt................ 1.35% 109.9 114.1 118.6 123.3 850.7 1,316.6
Total financial liabilities............. 265.5 274.2 282.4 292.1 1,842.0 2,956.2