Ryanair 2012 Annual Report Download - page 160

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160
(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 and carbon arrangements in place:
At March 31,
2012
2011
2010
€M
€M
€M
Carbon swaps – fair value ........................................................................................
(1.5)
-
-
Jet fuel forward contracts – fair value ................................................................
145.8
383.8
42.6
144.3
383.8
42.6
All of the above commodity contracts mature within the year and are matched against highly probable
forecast commodity cash flows.
(c) Maturity and interest rate risk profile of financial assets and financial liabilities
At March 31, 2012, the Company had total borrowings of €3,625.2 million (2011: €3,649.4 million;
2010: €2,956.2 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 199 Boeing 737-800 ―next
generation‖ aircraft (2011:185; 2010:151). 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 (2011: 30; 2010:
20), 6 aircraft financed by way of other commercial debt (2011: 6; 2010: 6) and aircraft simulators.
The maturity profile of the Company‘s financial liabilities (excluding aircraft provisions, trade
payables and accrued expenses) at March 31, 2012 was as follows:
All of the above debt maturing after 2016 will mature between 2016 and 2024.
Weighted
average
fixed rate
(%)
2013
€M
2014
€M
2015
€M
2016
€M
Thereafter
€M
Total
€M
Fixed rate
Secured long term-debt...............
2.94%
78.9
81.8
84.7
87.5
392.8
725.7
Debt swapped from floating to
fixed.........................................
3.96%
154.7
159.0
161.5
140.2
675.2
1,290.6
Secured long-term debt after
swaps........................................
3.59%
233.6
240.8
246.2
227.7
1,068.0
2,016.3
Finance leases..............................
2.81%
-
-
39.8
-
254.4
294.2
Total fixed rate debt....................
233.6
240.8
286.0
227.7
1,322.4
2,310.5
Floating rate
Secured long-term debt...............
238.5
245.9
251.4
230.0
1,127.6
2,093.4
Debt swapped from floating to
fixed.........................................
(154.7)
(159.0)
(161.5)
(140.2)
(675.2)
(1,290.6)
Secured long-term debt after
swaps........................................
1.47%
83.8
86.9
89.9
89.8
452.4
802.8
Finance leases..............................
2.43%
51.0
53.4
55.8
67.5
284.2
511.9
Total floating rate debt................
1.85%
134.8
140.3
145.7
157.3
736.6
1,314.7
Total financial liabilities.............
368.4
381.1
431.7
385.0
2,059.0
3,625.2