Ryanair 2016 Annual Report Download - page 170
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170
The Company has not disclosed the fair value of the financial instruments: cash and cash equivalents, financial assets:
cash > 3 months, restricted cash, trade receivables and other assets because their carrying amounts are a reasonable
approximation of their fair values due to the short term nature of the instruments.
The carrying values and fair values of the Company’s financial liabilities by class and category were as follows:
Liabilities at
Total
Amortised
Cash-Flow
Carrying
Total Fair
Cost
Hedges
Value
Value
€M
€M
€M
€M
At March 31, 2016
Current and non-current maturities of debt
4,023.0
—
4,023.0
4,115.1
Derivative financial instruments:-
-GBP currency forward contracts
—
51.1
51.1
51.1
-Jet fuel derivative contracts
—
599.7
599.7
599.7
-Interest rate swaps
—
16.2
16.2
16.2
Trade payables
230.6
—
230.6
—
Accrued expenses
422.8
—
422.8
—
Total financial liabilities at March 31, 2016
4,676.4
667.0
5,343.4
4,782.1
At March 31, 2015
Current and non-current maturities of debt
4,431.6
—
4,431.6
4,529.6
Derivative financial instruments:-
-GBP currency forward contracts
—
24.5
24.5
24.5
-Jet fuel derivative contracts
—
828.7
828.7
828.7
-Interest rate swaps
—
31.9
31.9
31.9
Trade payables
196.5
—
196.5
—
Accrued expenses
417.1
—
417.1
—
Total financial liabilities at March 31, 2015
5,045.2
885.1
5,930.3
5,414.7
At March 31, 2014
Current and non-current maturities of debt
3,083.6
—
3,083.6
3,128.8
Derivative financial instruments:-
- Interest rate swaps
—
72.4
72.4
72.4
- Foreign exchange forward contracts
—
66.2
66.2
66.2
Trade payables
150.0
—
150.0
—
Accrued expenses
397.8
—
397.8
—
Total financial liabilities at March 31, 2014
3,631.4
138.6
3,770.0
3,267.4
The Company has not disclosed the fair value for financial liabilities such as trade payables and accrued expenses because
their carrying amounts are a reasonable approximation of their fair values due to the short term nature of the instruments.
Estimation of fair values
Fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction
between market participants at the measurement date. The following methods and assumptions were used to estimate the
fair value of each material class of the Company’s financial instruments:
Financial instruments measured at fair value
Available-for- sale: The fair value of available-for-sale financial assets is their quoted market bid price at the
balance sheet date. (Level 1)