Ryanair 2016 Annual Report Download - page 166
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166
The following tables indicate the periods in which cash flows associated with derivatives that are designated as
cash-flow hedges were expected to occur and to impact on profit or loss, as of March 31, 2016, 2015 and 2014:
Expected
Carrying
Cash
Amount
Flows
2017
2018
2019
2020
Thereafter
€M
€M
€M
€M
€M
€M
€M
At March 31, 2016
Interest rate swaps
(8.2)
26.2
(2.1)
4.0
2.8
3.8
17.7
U.S. dollar currency forward contracts
44.9
54.7
86.3
(37.1)
2.3
2.0
1.2
U.S. dollar currency forward contracts to be
capitalised in property, plant and equipment -
aircraft additions
250.4
241.7
180.3
61.4
Commodity forward contracts
(596.5)
(596.5)
(542.5)
(54.0)
—
—
—
(309.4)
(273.9)
(278.0)
(25.7)
5.1
5.8
18.9
Expected
Carrying
Cash
Amount
Flows
2016
2017
2018
2019
Thereafter
€M
€M
€M
€M
€M
€M
€M
At March 31, 2015
Interest rate swaps
(10.7)
(17.7)
(12.5)
(5.8)
0.8
(0.5)
0.3
U.S. dollar currency forward contracts
647.6
654.6
469.6
172.1
5.9
2.9
4.1
U.S. dollar currency forward contracts to be
capitalised in property, plant and equipment -
aircraft additions
614.6
628.7
11.2
22.1
27.3
27.3
540.8
U.K. pounds sterling currency forward contracts
(24.5)
(24.5)
(24.5)
—
—
—
—
Commodity forward contracts
(813.2)
(813.2)
(762.1)
(51.1)
—
—
—
413.8
427.9
(318.3)
137.3
34.0
29.7
545.2
Expected
Carrying
Cash
Amount
Flows
2015
2016
2017
2018
Thereafter
€M
€M
€M
€M
€M
€M
€M
At March 31, 2014
Interest rate swaps
(72.4)
(51.0)
(22.0)
(17.6)
(9.2)
(1.6)
(0.6)
U.S. dollar currency forward contracts
(51.4)
(51.7)
(50.6)
1.3
(0.4)
(0.3)
(1.7)
U.S. dollar currency forward contracts to be
capitalised in property, plant and equipment -
aircraft additions
(15.0)
(15.0)
(14.0)
(1.0)
U.K. pounds sterling currency forward contracts
0.2
0.2
0.2
—
—
—
—
Commodity forward contracts
17.1
17.1
16.7
0.4
—
—
—
(121.5)
(100.4)
(69.7)
(16.9)
(9.6)
(1.9)
(2.3)
Derivative transactions entered into by the Company with a particular counterparty are not settled net and there
are no provisions within these agreements to off-set similar transactions.
The Company entered into a series of interest rate swaps to hedge against fluctuations in interest rates for certain
floating rate financing of certain aircraft. Cash deposits are required to be set aside as collateral for certain historic interest