Ryanair 2009 Annual Report Download - page 147

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147
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,
2009 2008
€000
€000
Current assets
Gains on fair-value hedging instruments – maturing within one year
.............................
664 -
Gains on cash-flow hedging instruments – maturing within one year
.............................
129,298 10,228
129,962 10,228
Non-current assets
Gains on cash flow hedging instruments – maturing after one year
................................
59,970 -
59,970 -
Total derivative assets
................................
................................
................................
...
189,932 10,228
Current liabilities
Losses on fair value hedging instruments – maturing within one year
............................
- (44,380)
Losses on cash flow hedging instruments – maturing within one year
...........................
(137,439) (97,331)
(137,439) (141,711)
Non-current liabilities
Losses on fair value hedging instruments – maturing after one year
...............................
- (324)
Losses on cash flow hedging instruments – maturing after one year
..............................
(54,074) (75,361)
(54,074) (75,685)
Total derivative liabilities
................................
................................
.............................
(191,513) (217,396)
Net derivative financial instrument position at year-end
................................
..........
(1,581) (207,168)
All of the above gains and losses were unrealised at the period-end.
The gains / (losses) on the hedged item attributable to the hedged risk for fair-value hedges of €0.7
million associated with foreign currency on aircraft firm commitments (2008: €27.2 million, included within
current liabilities of €44.4 million) are matched by the gains / (losses) recognised in relation to the fair value of
hedging instruments of the same amount in the above table, due to the effectiveness of the Company’s hedge
arrangements. The gains / (losses) on the aircraft firm commitments are recognised within property, plant and
equipment as disclosed in Note 2 to the consolidated financial statements.
The table above includes the following derivative arrangements:
Fair value Fair value
2009 2008
€000
€000
Interest rate swaps (a)
Less than one year ................................................................................................
...........
(30,730) (10,492)
Between one and five years ................................................................
.............................
(49,833) (38,330)
After five years ................................................................................................
................
(4,240) (10,705)
(84,803) (59,527)
Foreign currency forward contracts (a)
Less than one year ................................................................................................
...........
129,962 (127,006)
Between one and five years ................................................................
.............................
59,970 (26,379)
After five years ................................................................................................
................
- (271)
189,932 (153,656)
Commodity forward contracts
Less than one year ................................................................................................
...........
(106,710) 6,015
(106,710) 6,015
Net derivative position at year end
................................
................................
...............
(1,581) (207,168)
______________
(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 financial statements.