Ryanair 2016 Annual Report Download - page 177

177
The Company holds significant cash balances that are invested on a short-term basis. At March 31, 2016, all of
the Company’s cash and liquid resources attracted a weighted average interest rate of 0.19% (2015: 0.39%; 2014: 0.37%).
March 31, 2016
March 31, 2015
March 31, 2014
Within
Within
Within
Financial assets
1 year
Total
1 year
Total
1 year
Total
€M
€M
€M
€M
€M
€M
Cash and cash equivalents
1,259.2
1,259.2
1,184.6
1,184.6
1,730.1
1,730.1
Cash > 3 months
3,062.3
3,062.3
3,604.6
3,604.6
1,498.3
1,498.3
Restricted cash
13.0
13.0
6.7
6.7
13.3
13.3
Total financial assets
4,334.5
4,334.5
4,795.9
4,795.9
3,241.7
3,241.7
Interest rates on cash and liquid resources are generally based on the appropriate EURIBOR, LIBOR or bank
rates dependent on the principal amounts on deposit.
(d) Foreign currency risk
The Company has exposure to various foreign currencies (principally U.K. pounds sterling and U.S. dollars) due
to the international nature of its operations. The Company manages this risk by matching U.K. pound sterling revenues
against U.K. pound sterling costs. Any remaining unmatched U.K. pound sterling revenues are used to fund U.S. dollar
currency exposures that arise in relation to fuel, maintenance, aviation insurance and capital expenditure costs or are sold
for euro. The Company also sells euro forward to cover certain U.S. dollar costs. Further details of the hedging activity
carried out by the Company are disclosed in Note 5 to the consolidated financial statements.
The following table shows the net amount of monetary assets of the Company that are not denominated in euro
at March 31, 2016, 2015 and 2014. Such amounts have been translated using the following year-end foreign currency rates
in 2016: €/£: 0.7916; €/$:1.1385 (2015: €/£: 0.7273; €/$: 1.0759; 2014: €/£:0.8282; €/$: 1.3788).
March 31, 2016
March 31, 2015
March 31, 2014
euro
euro
euro
GBP
U.S.$
equiv.
GBP
U.S.$
equiv.
GBP
U.S.$
equiv.
£M
$M
€M
£M
$M
€M
£M
$M
€M
Monetary assets
U.K. pounds sterling cash and liquid
resources
4.0
—
5.1
72.6
—
99.8
79.0
—
95.4
U.S. Dollar cash and liquid resources
—
4.7
4.2
—
22.0
20.5
—
9.3
6.7
4.0
4.7
9.3
72.6
22.0
120.3
79.0
9.3
102.1
The following table shows the net amount of monetary liabilities of the Company that are not denominated in
euro at March 31, 2016, 2015 and 2014. Such amounts have been translated using the following year-end foreign currency
rates in 2016: €/$1.1385. (2015: €/$: 1.0759; 2014: €/$: 1.3788).
March 31, 2016
March 31, 2015
March 31, 2014
euro
euro
euro
U.S.$
equiv.
U.S.$
equiv.
U.S.$
equiv.
$M
€M
$M
€M
$M
€M
Monetary liabilities
U.S dollar long term debt
330.5
290.3
371.2
345.0
411.1
298.1
330.5
290.3
371.2
345.0
411.1
298.1
The Company has entered into cross currency interest rate swap arrangements to manage exposures to fluctuations
in foreign exchange rates on these U.S. dollar denominated floating rate borrowings, together with managing the exposures
to fluctuations in interest rates on these U.S. dollar denominated floating rate borrowings. The fair value of these cross
currency interest rate swap instruments at March 31, 2016 was €1.8 million, (2015: €4.5 million; 2014: €8.5 million) which