Ryanair 2011 Annual Report Download - page 158

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156
Level 1 Level 2 Level 3 Total
1M
1M
1M 1M
At March 31, 2010
Assets measured at fair value
Available-for-sale financial asset ................................
................................
116.2 -
-
116.2
Cash-flow hedges – US dollar currency forward contracts
................................
- 99.8 - 99.8
Cash-flow hedges – GBP currency forward contracts
................................
- 3.0 - 3.0
Cash-flow hedges – jet fuel derivative contracts
................................
- 42.6 - 42.6
116.2 145.4 - 261.6
Liabilities measured at fair value
Cash-flow hedges – interest rate swaps ................................
................................
- (76.4) - (76.4)
- (76.4) - (76.4)
During the year ended March 31, 2010, there were no transfers between Level 1 and Level 2 fair-value
measurements, and no transfers into or out of Level 3 fair-value measurement.
Level 1 Level 2 Level 3 Total
1M 1M 1M 1M
At March 31, 2009
Assets measured at fair value
Available-for-sale financial asset ................................
................................
93.2 -
-
93.2
Cash-flow hedges – US dollar currency forward contracts
................................
- 190.0 - 190.0
93.2 190.0 - 283.2
Liabilities measured at fair value
Cash-flow hedges – interest rate swaps ................................
................................
- (84.8) - (84.8)
Cash-flow hedges – jet fuel derivative contracts
................................
- (106.7) - (106.7)
- (191.5) - (191.5)
During the year ended March 31, 2009, there were no transfers between Level 1 and Level 2 fair-value
measurements, and no transfers into or out of Level 3 fair-value measurement.
(b) Commodity risk
The Company’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 Company had the following jet fuel arrangements in place:
At March 31,
2011 2010 2009
1M
1M
1M
Jet fuel forward contracts – fair value ................................
................................
383.8 42.6 (106.7)
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, 2011, the Company had total borrowings of 13,649.4 million (2010: 12,956.2 million;
2009: 12,398.4 million) 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 185 Boeing 737-800 “next
generation” aircraft (2010: 151; 2009: 109). The guarantees are secured with a first fixed mortgage on the
delivered aircraft. The remaining long-term debt relates to 30 aircraft held under finance leases (2010: 20; 2009:
20), six aircraft financed by way of other commercial debt (2010: 6; 2009: 6) and aircraft simulators.