Ryanair 2009 Annual Report Download - page 155

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155
The maturities of the contractual undiscounted cash flows (including estimated future interest payments
on debt) of the Company’s financial liabilities are as follows:
Total
Carrying
Value
Total
Contractual
Cash flows 2010 2011 2012 2013 Thereafter
€000 €000 €000 €000 €000 €000 €000
At March 31, 2009
Long term debt and finance
leases
- Fixed rate debt
.....................
5.96% 667,100 826,644 96,581 94,173 91,753 88,332 455,805
- Floating rate debt
................
2.20% 1,731,340 1,975,961 179,525 181,620 183,904 186,342 1,244,570
2,398,440 2,802,605 276,106 275,793 275,657 274,674 1,700,375
Derivative financial
instruments
- Interest rate swaps
...............
84,803 92,345 22,014 25,212 19,584 10,925 14,610
- Jet fuel – derivative
contracts
................................
106,710 106,710 106,710 - - - -
Trade payables
.......................
132,671 132,671 132,671 - - - -
Accrued expenses
..................
226,322 226,322 226,322 - - - -
Total at March 31, 2009
........
2,948,946 3,360,653 763,823 301,005 295,241 285,599 1,714,985
Total
Carrying
Value
Total
Contractual
Cash flows 2009 2010 2011 2012 Thereafter
€000 €000 €000 €000 €000 €000 €000
At March 31, 2008
Long term debt and finance
leases
- Fixed rate debt
.....................
5.67% 975,440 1,186,740 318,437 147,939 107,842 105,328 507,194
- Floating rate debt
................
4.65% 1,291,055 1,656,045 157,506 156,853 156,077 155,341 1,030,268
2,266,495 2,842,785 475,943 304,792 263,919 260,669 1,537,462
Derivative financial
instruments
- Interest rate swaps
...............
59,527 52,364 13,241 12,704 10,975 5,602 9,842
- U.S. dollar currency
forward contracts – gross
cash outflows
.........................
157,868 2,148,940 1,366,717 600,065 148,009 28,771 5,378
- U.S. dollar currency
forward contracts – gross
cash inflows
...........................
- (1,961,096) (1,225,310) (565,563) (138,905) (26,640) (4,678)
Trade payables
.......................
129,289 129,289 129,289 - - - -
Accrued expenses
..................
283,374 283,374 283,374 - - - -
Total at March 31, 2008
........
2,896,553 3,495,656 1,043,254 351,998 283,998 268,402 1,548,004
Interest rate re-pricing
Floating interest rates on financial liabilities are generally referenced to European inter-bank interest
rates (EURIBOR). Secured long-term debt and interest rate swaps typically re-price on a quarterly basis with
finance leases re-pricing on a semi-annual basis. We use current interest rate settings on existing debt at each
year-end to calculate contractual cash flows.
Fixed interest rates on financial liabilities are fixed for the duration of the underlying structures
(typically between 10 and 12 years).