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Financial Statements Aer Lingus Group Plc – Annual Report 2010
74
17 Other fi nancial assets (continued)
As at 31 December 2010 the fair value and carrying value of the fi nancial assets reclassifi ed from available for sale fi nancial assets in 2008
were €39.4m (31 December 2009: €71.3m) and €39.8m (31 December 2009: €77.3m) respectively. If the fi nancial assets had not been
reclassifi ed a fair value gain of €4.8m (2009: loss of €1.8m) would have been recognised in equity. The fair values of unlisted securities are
based on cash fl ows discounted using a rate based on the market interest rate and the risk premium appropriate to the unlisted securities.
€0.8m (2009: €2.1m) was amortised from the available-for-sale reserve to the income statement in the period.
The effective interest rates of the fi nancial assets reclassifi ed into loans and receivable at the date of reclassifi cation were between 2.8%
and 4.5%.
The estimated undiscounted cash fl ows that the Group expected to recover from the remaining reclassifi ed fi nancial assets as at the date of
reclassifi cation was:
1 year or less
Between 1
and 2 years
Between 2
and 5 years Over fi ve years
€’000 €’000 €’000 €’000
Unlisted debt securities: - - 39,452 -
18 Derivative fi nancial instruments
2010 2010 2009 2009
€’000 €’000 €’000 €’000
Assets Liabilities Assets Liabilities
Cross-currency interest rate swap - 6,317 - 7,303
Forward foreign exchange contracts 32,433 1,194 19,831 -
Forward fuel price contracts 16,290 - 4,717 11,873
Total 48,723 7,511 24,548 19,176
Less non-current portion:
Cross-currency interest rate swap - - - 7,303
Forward foreign exchange contracts 5,626 - 5,348 -
Forward fuel price contracts 2,836 - 1,501 -
Total non-current portion 8,462 - 6,849 7,303
Current portion 40,261 7,511 17,699 11,873
Foreign exchange contracts
The notional principal amounts of the outstanding forward foreign exchange contracts at 31 December 2010 were €765.6m (2009: €975.0m).
Cross currency interest rate swap
The notional principal amount of the outstanding cross currency interest rate swap contract at 31 December 2010 was €20.2m (2009: €20.2m)
At 31 December 2010 the fi xed interest rates vary from 2.5% to 3.8% (2009: 2.5% to 3.8%).
Notes to the consolidated fi nancial statements (continued)