Ryanair 2011 Annual Report Download - page 149

Download and view the complete annual report

Please find page 149 of the 2011 Ryanair annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 194

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194

147
The Company utilises a range of derivatives designed to mitigate these risks. All of the above
derivatives have been accounted for at fair value in the Company’s balance sheet and have been utilised to
hedge against these particular risks arising in the normal course of the Company’s business. All have been
designated as hedging derivatives for the purposes of IAS 39 and are fully set out below.
Derivative financial instruments, all of which have been recognised at fair value in the Company’s
balance sheet, are analysed as follows:
At March 31,
2011 2010 2009
1M 1M 1M
Current assets
Gains on fair-value hedging instruments – maturing within one year
................................
- - 0.7
Gains on cash-flow hedging instruments – maturing within one year
................................
383.8 122.6 129.3
383.8 122.6 130.0
Non-current assets
Gains on cash flow hedging instruments – maturing after one year
................................
23.9 22.8 60.0
23.9 22.8 60.0
Total derivative assets ................................................................
................................
407.7 145.4 190.0
Current liabilities
Losses on cash flow hedging instruments
–
maturing within one year
................................
(125.4) (41.0) (137.4)
(125.4) (41.0) (137.4)
Non-current liabilities
Losses on cash flow hedging instruments – maturing after one year
................................
(8.3) (35.4) (54.1)
(8.3) (35.4) (54.1)
Total derivative liabilities
................................
................................
................................
(133.7) (76.4) (191.5)
Net derivative financial instrument position at year-end
................................
274.0 69.0 (1.5)
All of the above gains and losses were unrealised at the period-end.
The table above includes the following derivative arrangements:
Fair value Fair value Fair value
2011 2010 2009
1M
1M
1M
Interest rate swaps (a)
Less than one year (b)..………………………………………………..…..
(61.7) (41.0) (30.7)
Between one and
five years………………………………………………..
7.7
(38.6)
(49.8)
After five years……………………………………………………………. 16.2 3.2 (4.3)
(37.8) (76.4) (84.8)
Foreign currency forward contracts (a)
Less than one year…………………………………………………………. (63.7)
80.0 130.0
Between one and five years……………………………………………….. (8.2)
22.8 60.0
After five years……………………………………………………………. (0.1) - -
(72.0) 102.8 190.0
Commodity forward contracts
Less than one year…………………………………………………………. 383.8 42.6 (106.7)
383.8 42.6 (106.7)
Net derivative position at year end……………………………………… 274.0 69.0 (1.5)
(a) Additional information in relation to the above interest rate swaps and forward currency contracts (i.e. notional
value and weighted average interest rates) can be found in Note 11 to the consolidated financial statements.
(b) 161.7 million interest rate swap financial liabilities falling due within one year, includes 17.9 million derivative
financial liabilities, falling due within one year, in respect of cross currency interest rate swaps (see Note 11 to the
consolidated financial statements).