Ryanair 2016 Annual Report Download - page 172
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172
Level 1
Level 2
Level 3
Total
€M
€M
€M
€M
At March 31, 2015
Assets measured at fair value
Available-for-sale financial asset
371.0
—
—
371.0
Cash-flow hedges – U.S. dollar currency forward contracts
—
1,262.2
—
1,262.2
Cash-flow hedges – jet fuel derivative contracts
—
15.4
—
15.4
Cash-flow hedges – interest rate swaps
—
21.3
—
21.3
371.0
1,298.9
—
1,669.9
Liabilities measured at fair value
Cash-flow hedges – GBP currency forward contracts
—
(24.5)
—
(24.5)
Cash-flow hedges – jet fuel derivative contracts
—
(828.7)
—
(828.7)
Cash-flow hedges – interest rate swaps
—
(31.9)
—
(31.9)
Cash-flow hedges – carbon derivative contracts
—
—
—
—
—
(885.1)
—
(885.1)
Liabilities not measured at fair value
Long-term debt
—
4,529.6
—
4,529.6
—
4,529.6
—
4,529.6
During the year ended March 31, 2015, 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
€M
€M
€M
€M
At March 31, 2014
Assets measured at fair value
Available-for-sale financial asset
260.3
—
—
260.3
Cash-flow hedges – jet fuel derivative contracts
—
17.1
—
17.1
260.3
17.1
—
277.4
Liabilities measured at fair value
Cash-flow hedges – interest rate swaps
—
72.4
—
72.4
Cash-flow hedges – Foreign exchange forward contracts
—
66.2
—
66.2
—
138.6
—
138.6
Liabilities not measured at fair value
Long-term debt
—
3,128.8
—
3,128.8
—
3,128.8
—
3,128.8
During the year ended March 31, 2014, 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,
2016
2015
2014
€M
€M
€M
Jet fuel forward contracts – fair value
(596.5)
(813.2)
17.1
(596.5)
(813.2)
17.1
All of the above commodity contracts are matched against highly probable forecast commodity cash flows.