Ryanair 2011 Annual Report Download - page 154

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152
The movement in the provision for trade receivable impairments is as follows:
Balance at
beginning
of year
Additions
charged to
expenses Write-offs
Balance at end
of year
1M 1M 1M 1M
Year ended March 31, 2011
................................
0.1 - - 0.1
Year ended March 31, 2010
................................
0.1 - - 0.1
Year ended March 31, 2009
................................
0.1 - - 0.1
No individual customer accounted for more than 10% of our accounts receivable at March 31, 2011,
March 31, 2010 or at March 31, 2009.
At March 31, 2011 10.7 million (2010: 10.6 million; 2009: 10.7 million) of our total accounts
receivable balance were past due, of which 10.1 million (2010: 10.1 million; 2009: 10.1 million) was impaired
and provided for and 10.6 million (2010: 10.5 million; 2009: 10.6 million) was considered past due but not
impaired.
9 Restricted cash
Restricted cash consists of 142.9 million (2010: 167.8 million; 2009: 1291.6 million) placed on deposit
as collateral for certain derivative financial instruments and other financing arrangements entered into by the
Company.
10 Accrued expenses and other liabilities
At March 31,
2011 2010 2009
1M 1M 1M
Accruals ................................................................................................
.............................
273.2 260.3 226.4
Taxation ................................................................................................
.............................
185.2 282.3 231.9
Unearned revenue
................................
................................
................................
765.9 545.6 447.5
1,224.3 1,088.2 905.8
Taxation comprises:
At March 31,
2011 2010 2009
1M 1M 1M
PAYE (payroll taxes) ................................................................
................................
5.3 4.3 3.9
Value Added Tax ................................................................
................................
- 1.7 -
Other tax (principally air passenger duty) ................................
................................
179.9 276.3 228.0
185.2 282.3 231.9
11 Financial instruments and financial risk management
The Company utilises financial instruments to reduce exposures to market risks throughout its
business. Borrowings, cash and cash equivalents and liquid investments are used to finance the Company’s
operations. Derivative financial instruments are contractual agreements with a value that reflects price
movements in an underlying asset. The Company uses derivative financial instruments, principally jet fuel
derivatives, interest rate swaps, cross-currency interest rate swaps and forward foreign exchange contracts to
manage commodity risks, interest rate risks and currency exposures and to achieve the desired profile of fixed
and variable rate borrowings and leases in appropriate currencies. It is the Company’s policy that no speculative
trading in financial instruments shall take place.