Ryanair 2010 Annual Report Download - page 167

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165
Total
Carrying
Value
Total
Contractual
Cash flows 2009 2010 2011 2012 Thereafter
1M 1M 1M 1M 1M 1M 1M
At March 31, 2008
Long term debt and finance
leases
- Fixed rate debt
.....................
5.67% 975.4 1,186.7 318.4 147.9 107.8 105.4 507.2
- Floating rate debt
.................
4.65% 1,291.1 1,656.1 157.5 156.9 156.1 155.3 1,030.3
2,266.5 2,842.8 475.9 304.8 263.9 260.7 1,537.5
Derivative financial
instruments
- Interest rate swaps
................
59.5 52.4 13.3 12.8 11.0 5.5 9.8
- U.S. dollar currency
forward contracts – gross
cash outflows
.........................
157.9 2,148.9 1,366.7 600.0 148.0 28.8 5.4
- U.S. dollar currency
forward contracts – gross
cash inflows
...........................
- (1,961.1) (1,225.3) (565.6) (138.9) (26.6) (4.7)
Aircraft maintenance
provision on operating
leased aircraft
.........................
42.8 42.8 - - 11.7 10.9 20.2
Trade payables
.......................
129.3 129.3 129.3 - - - -
Accrued expenses
...................
283.4 283.4 283.4 - - - -
Total at March 31, 2008
.........
2,939.4 3,538.5 1,043.3 352.0 295.7 279.3 1,568.2
Interest rate re-pricing
Floating interest rates on financial liabilities are generally referenced to European inter-bank interest
rates (EURIBOR). Secured long-term debt and interest rate swaps typically re-price on a quarterly basis with
finance leases re-pricing on a semi-annual basis. We use current interest rate settings on existing debt at each
year-end to calculate contractual cash flows.
Fixed interest rates on financial liabilities are fixed for the duration of the underlying structures
(typically between 10 and 12 years).
The Company holds significant cash balances that are invested on a short-term basis. At March 31,
2010, all of the Company’s cash and liquid resources had a maturity of one year or less and attracted a weighted
average interest rate of 0.93% (2009: 1.84%; 2008: 4.51%).
March 31, 2010 March 31, 2009 March 31, 2008
Financial assets
Within
1 year Total
Within
1 year Total
Within
1 year Total
1M 1M 1M 1M 1M 1M
Cash and cash equivalents
.......
1,477.9 1,477.9 1,583.2 1,583.2 1,470.8 1,470.8
Cash > 3 months
......................
1,267.7 1,267.7 403.4 403.4 406.3 406.3
Restricted cash
.........................
67.8 67.8 291.6 291.6 292.4 292.4
Total financial assets
................
2,813.4 2,813.4 2,278.2 2,278.2 2,169.5 2,169.5
Interest rates on cash and liquid resources are generally based on the appropriate EURIBOR, LIBOR or
bank rates dependant on the principal amounts on deposit.
As described in Note 4 to the consolidated financial statements, the Company also held 1116.2 million
of an equity investment in Aer Lingus at March 31, 2010 (2009: 193.2 million; 2008: 1311.5 million). This has
no fixed maturity and is not interest bearing.