Ryanair 2016 Annual Report Download - page 171
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171
Derivatives – interest rate swaps: Discounted cash-flow analyses have been used to determine the fair value,
taking into account current market inputs and rates. The Company’s credit risk and counterparty’s credit risk is taken into
account when establishing fair value. (Level 2)
Derivatives – currency forwards and aircraft fuel contracts: A comparison of the contracted rate to the market
rate for contracts providing a similar risk profile at March 31, 2016 has been used to establish fair value. The Company’s
credit risk and counterparty’s credit risk is taken into account when establishing fair value. (Level 2)
Financial instruments not measured at fair value
Fixed-rate long-term debt: The repayments which Ryanair is committed to make have been discounted at the
relevant market rates of interest applicable (including credit spreads) at the relevant reporting year end date to arrive at a
fair value representing the amount payable to a third party to assume the obligations.
There were no significant changes in the business or economic circumstances during the year to March 31, 2016
that affect the fair value of the Company’s Financial Assets and Financial Liabilities.
The table below analyses financial instruments carried at fair value in the balance sheet categorised by the type of
valuation method used. The different valuation levels are defined as follows:
Level 1: Inputs are based on unadjusted quoted prices in active markets for identical instruments.
Level 2: Inputs are based on quoted prices for identical or similar instruments in markets that are not
active, quoted prices for similar instruments in active markets, and model-based valuation techniques
for which all significant assumptions are observable in the market or can be corroborated by observable
market data for substantially the full term of the asset or liability.
Level 3: Inputs for the asset or liability are not based on observable market data.
Level 1
Level 2
Level 3
Total
€M
€M
€M
€M
At March 31, 2016
Assets measured at fair value
Cash-flow hedges – U.S. dollar currency forward contracts
—
346.4
—
346.4
Cash-flow hedges – jet fuel derivative contracts
—
3.2
—
3.2
Cash-flow hedges – interest rate swaps
—
8.0
—
8.0
—
357.6
—
357.6
Liabilities measured at fair value
Cash-flow hedges – GBP currency forward contracts
—
51.1
—
51.1
Cash-flow hedges – jet fuel derivative contracts
—
599.7
—
599.7
Cash-flow hedges – interest rate swaps
—
16.2
—
16.2
—
667.0
—
667.0
Liabilities not measured at fair value
Long-term debt
—
4,115.1
—
4,115.1
—
5,139.7
—
5,139.7
During the year ended March 31, 2016, 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.