Ryanair 2008 Annual Report Download - page 66

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66
(b) Commodity risk
The Group’s exposure to price risk in this regard is primarily for jet fuel used in the normal course of
operations.
At the year end, the Group had the following jet fuel arrangements in place;
At March 31,
2008 2007
1000 1000
Jet fuel forward contracts - fair value 6,015
52,736
All of the above commodity contracts mature within the year and are matched against highly probable
forecast fuel purchases.
(c) Maturity and interest rate risk profile of financial assets and financial liabilities
At March 31, 2008, the Group had total borrowings of 12,266.5m (2007: 11,862.1m) 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 107 Boeing 737-800 “next generation” aircraft. The guarantees
are secured with a first fixed mortgage on the delivered aircraft. The remaining long term debt relates to 14
aircraft held under finance leases, 6 aircraft financed under commercial debt and aircraft simulators.
The maturity profile of the Group’s long term debt at March 31, 2008 was as follows:
All of the above debt which matures after 2012 will mature over each of the periods between 2012 and
2020.
Year ended March 31, 2008
Weighted
average
fixed rate
(%)
2009
1000
2010
1000
2011
1000
2012
1000
Thereafter
1000
Total
1000
Fixed rate
Secured long term debt ........... 5.17% 202,776 37,103 8,630 9,048 19,803 277,360
Debt swapped from floating to
fixed........................................ 5.92% 66,072 67,719 69,391 71,102 296,265 570,549
Secured long term debt after
swaps ...................................... 5.67% 268,848 104,822 78,021 80,150 316,068 847,909
Finance leases ......................... 2.63% - - - - 127,531 127,531
Total fixed rate debt................ 268,848 104,822 78,021 80,150 443,599 975,440
Floating rate
Secured long term debt ........... 142,882 147,607 152,455 157,430 978,461 1,578,835
Debt swapped from floating to
fixed........................................ (66,072) (67,719) (69,391) (71,102) (296,265) (570,549)
Secured long term debt after
swaps ...................................... 76,810 79,888 83,064 86,328 682,196 1,008,286
Finance leases ......................... 21,143 22,120 23,142 24,210 192,154 282,769
Total floating rate debt............ 97,953 102,008 106,206 110,538 874,350 1,291,055
Total long term debt................ 366,801 206,830 184,227 190,688 1,317,949 2,266,495