REG - Ryanair Holdings PLC - Annual Financial Report <Origin Href="QuoteRef">RYA.I</Origin> - Part 13
06/09/2014 22:39
- Part 13: For the preceding part double click ID:nRSd7552Nl
insurance, capital expenditure and other aircraft related costs. These are designated in cash-flow hedges of forecasted
U.S. dollar payments and have been determined to be highly effective in offsetting variability in future cash flows arising
from the fluctuation in the U.S. dollar to U.K. pounds sterling and euro exchange rates for the forecasted U.S. dollar
purchases. Because the timing of anticipated payments and the settlement of the related derivatives is very closely
coordinated, no ineffectiveness has been recorded for these foreign currency forward contracts in the current or preceding
years (the underlying hedged items and hedging instruments have been consistently closely matched).
The Company also utilises jet fuel forward contracts to manage exposure to jet fuel prices. These are used to hedge the
Company's forecasted fuel purchases, and are arranged so as to match as closely as possible against forecasted fuel
delivery and payment requirements. These are designated in cash-flow hedges of forecasted fuel payments and have been
determined to be highly effective in offsetting variability in future cash flows arising from fluctuations in jet fuel
prices. No ineffectiveness has been recorded on these arrangements in the current or preceding years.
The European Union Emissions Trading System (EU ETS) began operating for airlines on January 1, 2012. In order to manage
the risks associated with the fluctuation in the price of carbon emission credits, the Company entered into swap
arrangements to fix the cost of a portion of its forecasted carbon emission credit purchases. The Company can forecast its
requirement for carbon credits as they are directly linked to its consumption of jet fuel. These instruments have been
designated in cash-flow hedges and no ineffectiveness has been recorded in the current year.
The (gains)/losses on the aircraft firm commitments are recognised as part of the capitalised cost of aircraft additions,
within property, plant and equipment. The (gains)/losses on interest rate swaps, commodity forward contracts and forward
currency contracts (excluding aircraft firm commitments) are recognised in the income statement when the hedged transaction
occurs.
The following table indicates the amounts that were reclassified from other comprehensive income into the income statement,
analysed by income statement category, in respect of cash-flow hedges realised during the year:
Year ended March 31,
2014 2013 2012
EM EM EM
Commodity forward contracts
Reclassification adjustments for losses/(gains) recognised in fuel
and oil operating expenses, net of tax .............................................. 0.7 (38.0) (284.2)
Interest rate swaps
Reclassification adjustments for losses recognised
in finance expense, net of tax............................................................. 24.0 25.9 22.7
Foreign currency forward contracts
Reclassification adjustments for (gains)/losses recognised in fuel
and oil operating expenses, net of tax................................................ (0.3) (2.3) 6.5
24.4 (14.4) (255.0)
(14.4)
(255.0)
The following table indicates the amounts that were reclassified from other comprehensive income into the capitalised cost
of aircraft additions within property, plant and equipment, in respect of cash-flow hedges realised during the year:
Year ended March 31,
2014 2013 2012
EM EM EM
Foreign currency forward contracts
Recognised in property plant and equipment - aircraft additions.... (0.1) 4.7 (11.1)
(0.1) 4.7 (11.1)
The following tables indicate the periods in which cash flows associated with derivatives that are designated as cash-flow
hedges were expected to occur, as of March 31, 2014, 2013 and 2012:
Carrying Amount Expected Cash Flows 2015 2016 2017 2018 Thereafter
EM EM EM EM EM EM EM
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............... (66.4) (66.7) (64.6) 0.3 (0.4) (0.3) (1.7)
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)
Carrying Amount Expected Cash Flows 2014 2015 2016 2017 Thereafter
EM EM EM EM EM EM EM
At March 31, 2013
Interest rate swaps.............................. (81.9) (72.3) (27.1) (22.0) (14.6) (7.3) (1.3)
U.S. dollar currency forward contracts............... 47.4 48.5 42.3 1.6 1.7 1.8 1.1
Commodity forward contracts.. 35.8 35.8 35.8 - - - -
1.3 12.0 51.0 (20.4) (12.9) (5.5) (0.2)
Carrying Amount Expected Cash Flows 2013 2014 2015 2016 Thereafter
EM EM EM EM EM EM EM
At March 31, 2012
Interest rate swaps.............................. (80.3) (70.5) (22.7) (23.7) (14.4) (7.4) (2.3)
U.S. dollar currency forward contracts............... 89.4 90.1 86.0 0.9 0.9 0.9 1.4
Commodity forward contracts.. 144.3 144.3 144.3 - - - -
153.4 163.9 207.6 (22.8) (13.5) (6.5) (0.9)
90.1
86.0
0.9
0.9
0.9
1.4
Commodity forward contracts..
144.3
144.3
144.3
-
-
-
-
153.4
163.9
207.6
(22.8)
(13.5)
(6.5)
(0.9)
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 rate swaps to mitigate the counterparty's exposure to fluctuations in the underlying interest rate swaps. The
following table sets out the carrying amounts of recognised financial instruments that are subject to the above
agreements:
At March 31,
2014 2013 2012
EM EM EM
Gross financial instruments in the statement of financial position Derivative financial liabilities -..... Interest rate swaps................................................................................. (11.0) (21.6) (32.1)
Related financial instruments that are not offset
- Restricted Cash..................................................................................... Restricted cash 13.3 24.7 35.1
Net amount 2.3 3.1 3.0
Net amount
2.3
3.1
3.0
The following tables indicate the periods in which cash flows associated with derivatives designated as cash-flow hedges
were expected to impact profit or loss, as of March 31, 2014, 2013 and 2012:
Carrying Amount Expected Cash flows 2015 2016 2017 2018 Thereafter
EM EM EM EM EM EM EM
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 & 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)
Carrying Amount Expected Cash flows 2014 2015 2016 2017 Thereafter
EM EM EM EM EM EM EM
At March 31, 2013
Interest rate swaps.............................. (81.9) (72.3) (27.1) (22.0) (14.6) (7.3) (1.3)
U.S. dollar currency forward contracts............... 47.4 48.5 42.3 1.6 1.7 1.8 1.1
Commodity forward contracts.. 35.8 35.8 35.8 - - - -
1.3 12.0 51.0 (20.4) (12.9) (5.5) (0.2)
Carrying Amount Expected Cash flows 2013 2014 2015 2016 Thereafter
EM EM EM EM EM EM EM
At March 31, 2012
Interest rate swaps.............................. (80.3) (70.5) (22.7) (23.7) (14.4) (7.4) (2.3)
U.S. dollar currency forward contracts............... 82.5 83.2 79.1 0.9 0.9 0.9 1.4
U.S. dollar currency forward contracts to be capitalised in property plant and equipment - aircraft additions... 6.9 6.9 6.9 - - - -
Commodity forward contracts.. 144.3 144.3 144.3 - - - -
153.4 163.9 207.6 (22.8) (13.5) (6.5) (0.9)
-
-
-
Commodity forward contracts..
144.3
144.3
144.3
-
-
-
-
153.4
163.9
207.6
(22.8)
(13.5)
(6.5)
(0.9)
6 Inventories
At March 31,
2014 2013 2012
EM EM EM
Consumables......................................................................................... 2.5 2.7 2.8
2.5
2.7
2.8
In the view of the directors, there are no material differences between the net realisable value of inventories and the
balance sheet amounts.
7 Other assets
At March 31,
2014 2013 2012
EM EM EM
Prepayments....................................................................................... 121.6 64.9 60.0
Interest receivable............................................................................... 2.6 2.8 4.9
124.2 67.7 64.9
67.7
64.9
All amounts fall due within one year.
8 Trade receivables
At March 31,
2014 2013 2012
EM EM EM
Trade receivables.................................................................................... 58.2 56.2 51.6
Allowance for impairment...................................................................... (0.1) (0.1) (0.1)
58.1 56.1 51.5
58.1
56.1
51.5
All amounts fall due within one year.
There has been no change to the allowance for impairment during the year (2013: Nil; 2012: Nil). There were no bad debt
write-offs in the year (2013: Nil; 2012: Nil).
No individual customer accounted for more than 10% of our accounts receivable at March 31, 2014, at March 31, 2013 or at
March 31, 2012.
At March 31, 2014, E1.4 million (2013: E1.1 million; 2012: E1.0 million) of our total accounts receivable balance were past
due, of which E0.1 million (2013: E0.1 million; 2012: E0.1 million) was impaired and provided for and E1.3 million (2013:
E1.0 million; 2012: E0.9 million) was considered past due but not impaired.
9 Restricted cash
Restricted cash consists of E13.3 million (2013: E24.7 million; 2012: E35.1 million) placed on deposit as collateral for
certain derivative financial instruments and other financing arrangements entered into by the Company.
10 Accrued expenses and other liabilities
At March 31,
2014 2013 2012
EM EM EM
Accruals................................................................................................................. 397.8 431.6 327.0
Taxation................................................................................................................. 308.1 251.5 228.8
Unearned revenue.................................................................................................. 855.3 658.3 681.4
1,561.2 1,341.4 1,237.2
1,561.2
1,341.4
1,237.2
Taxation comprises:
At March 31,
2014 2013 2012
EM EM EM
PAYE (payroll taxes)........................................................................... 6.7 5.2 5.1
Other tax (principally air passenger duty in various countries)........... 301.4 246.3 223.7
308.1 251.5 228.8
308.1
251.5
228.8
11 Financial instruments and financial risk management
The Company utilises financial instruments to reduce exposures to market risks throughout its business. Borrowings, cash
and cash equivalents and liquid investments are used to finance the Company's operations. Derivative financial instruments
are contractual agreements with a value that reflects price movements in an underlying asset. The Company uses derivative
financial instruments, principally jet fuel derivatives, interest rate swaps, cross-currency interest rate swaps and
forward foreign exchange contracts to manage commodity risks, interest rate risks and currency exposures and to achieve the
desired profile of fixed and variable rate borrowings and leases in appropriate currencies. It is the Company's policy that
no speculative trading in financial instruments shall take place.
The main risks attaching to the Company's financial instruments, the Company's strategy and approach to managing these
risks, and the details of the derivatives employed to hedge against these risks have been disclosed in Note 5 to the
consolidated financial statements.
(a) Financial assets and financial liabilities - fair values
The carrying value and fair value of the Company's financial assets by class and measurement category at March 31, 2014,
2013 and 2012 were as follows:
Available For Sale Cash-Flow Hedges Loans and Receivables Total Carrying Value Total Fair Value
EM EM EM EM EM
At March 31, 2014
Available-for-sale financial assets........................................................................... 260.3 - - 260.3 260.3
Cash and cash equivalents...................................................................................... - - 1,730.1 1,730.1
Financial asset: cash > 3 months............................................................................ - - 1,498.3 1,498.3
Restricted cash........................................................................................................ - - 13.3 13.3
Derivative financial instruments:-
- Jet fuel derivative contracts.................................................................................... - 17.1 - 17.1 17.1
Trade receivables...................................................................................................... - - 58.1 58.1
Other assets.............................................................................................................. - - 2.6 2.6
Total financial assets at March 31, 2014.................................................................. 260.3 17.1 3,302.4 3,579.8 277.4
Available For Sale Cash-Flow Hedges Loans and Receivables Total Carrying Value Total Fair Value
EM EM EM EM EM
At March 31, 2013
Available-for-sale financial assets........................................................................... 221.2 - - 221.2 221.2
Cash and cash equivalents...................................................................................... - - 1,240.9 1,240.9
Financial asset: cash > 3 months............................................................................ - - 2,293.4 2,293.4
Restricted cash........................................................................................................ - - 24.7 24.7
Derivative financial instruments:-
- U.S. dollar currency forward contracts.................................................................. - 47.4 - 47.4 47.4
- Jet fuel derivative contracts.................................................................................... - 35.0 - 35.0 35.0
- Carbon derivative contracts.................................................................................... - 0.8 - 0.8 0.8
Trade receivables...................................................................................................... - - 56.1 56.1
Other assets.............................................................................................................. - - 2.8 2.8
Total financial assets at March 31, 2013.................................................................. 221.2 83.2 3,617.9 3,922.3 304.4
Available For Sale Cash-Flow Hedges Loans and Receivables Total Carrying Value Total Fair Value
EM EM EM EM EM
At March 31, 2012
Available-for-sale financial assets.............................................................................. 149.7 - - 149.7 149.7
Cash and cash equivalents......................................................................................... - - 2,708.3 2,708.3
Financial asset: cash > 3 months............................................................................... - - 772.2 772.2
Restricted cash........................................................................................................... - - 35.1 35.1
Derivative financial instruments:-
- U.S. dollar currency forward contracts..................................................................... - 89.4 - 89.4 89.4
- Jet fuel derivative contracts....................................................................................... - 145.8 - 145.8 145.8
Trade receivables......................................................................................................... - - 51.5 51.5
Other assets................................................................................................................. - - 4.9 4.9
Total financial assets measured at March 31, 2012..................................................... 149.7 235.2 3,572.0 3,956.9 384.9
-
-
4.9
4.9
Total financial assets measured at March 31, 2012.....................................................
149.7
235.2
3,572.0
3,956.9
384.9
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 Amortised Cost Cash-Flow Hedges Total Carrying Value Total Fair Value
EM EM EM EM
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
At March 31, 2013
Current and non-current maturities of debt......................................................... 3,498.3 - 3,498.3 3,555.7
Derivative financial instruments:-
-Interest rate swaps......................................................................................... - 81.9 81.9 81.9
Trade payables..................................................................................................... 138.3 - 138.3
Accrued expenses................................................................................................. 431.6 - 431.6
Total financial liabilities at March 31, 2013........................................................ 4,068.2 81.9 4,150.1 3,637.6
At March 31, 2012
Current and non-current maturities of debt......................................................... 3,625.2 - 3,625.2 3,665.4
Derivative financial instruments:-
-Interest rate swaps......................................................................................... - 80.3 80.3 80.3
-Carbon swaps................................................................................................. - 1.5 1.5 1.5
Trade payables..................................................................................................... 181.2 - 181.2
Accrued expenses................................................................................................. 327.0 - 327.0
Total financial liabilities at March 31, 2012........................................................ 4,133.4 81.8 4,215.2 3,747.2
327.0
Total financial liabilities at March 31, 2012........................................................
4,133.4
81.8
4,215.2
3,747.2
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)
· Derivatives - interest rate swaps: Discounted cash-flow analyses have been used to determine the fair value,
taking into account current market inputs and rates. (Level 2)
· Derivatives - currency forwards, aircraft fuel contracts and carbon swaps: A comparison of the contracted rate
to the market rate for contracts providing a similar risk profile at March 31, 2014 has been used to establish 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, 2014 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
EM EM EM EM
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
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.
Level 1 Level 2 Level 3 Total
EM EM EM EM
At March 31, 2013
Assets measured at fair value
Available-for-sale financial asset...................................... 221.2 - - 221.2
Cash-flow hedges - U.S. dollar currency forward contracts........................................................................... - 47.4 - 47.4
Cash-flow hedges - jet fuel derivative contracts.............. - 35.0 - 35.0
Cash-flow hedges -carbon derivative contracts............... - 0.8 - 0.8
221.2 83.2 - 304.4
Liabilities measured at fair value
Cash-flow hedges - interest rate swaps........................... - (81.9) - (81.9)
- (81.9) - (81.9)
-
(81.9)
-
(81.9)
-
(81.9)
During the year ended March 31, 2013, 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
EM EM EM EM
At March 31, 2012
Assets measured at fair value
Available-for-sale financial asset...................................... 149.7 - - 149.7
Cash-flow hedges - U.S. dollar currency forward contracts........................................................................... - 89.4 - 89.4
Cash-flow hedges - jet fuel derivative contracts.............. - 145.8 - 145.8
149.7 235.2 - 384.9
Liabilities measured at fair value
Cash-flow hedges - interest rate swaps........................... - (80.3) - (80.3)
Cash-flow hedges - carbon swaps................................... - (1.5) - (1.5)
- (81.8) - (81.8)
-
(1.5)
-
(81.8)
-
(81.8)
During the year ended March 31, 2012, 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 and carbon arrangements in place:
At March 31,
2014 2013 2012
EM EM EM
Carbon swaps - fair value.................................................................. - 0.8 (1.5)
Jet fuel forward contracts - fair value................................................ 17.1 35.0 145.8
17.1 35.8 144.3
17.1
35.8
144.3
All of the above commodity contracts mature within the year and are matched against highly probable forecast commodity cash
flows.
(c) Maturity and interest rate risk profile of financial assets and financial liabilities
At March 31, 2014, the Company had total borrowings of E3,083.6 million (2013: E3,498.3 million; 2012: E3,625.2 million)
from various financial institutions, provided primarily on the basis of guarantees granted by the Export-Import Bank of the
United States to finance the acquisition of 210 Boeing 737-800 "next generation" aircraft (2013: 210; 2012: 199). The
guarantees are secured with a first fixed mortgage on the delivered aircraft. The remaining long-term debt relates to 30
aircraft held under finance leases (2013: 30; 2012: 30), 6 aircraft financed by way of other commercial debt (2013: 6;
2012: 6) and aircraft simulators.
The maturity profile of the Company's financial liabilities (excluding derivative financial liabilities, aircraft
provisions, trade payables and accrued expenses) at March 31, 2014 was as follows:
Weighted average fixed rate (%) 2015 EM 2016 EM 2017 EM 2018 EM Thereafter EM Total
EM
Fixed rate
Secured long term-debt............... 2.93% 90.9 93.9 97.1 96.1 257.7 635.7
Debt swapped from floating to fixed......................................... 3.79% 171.9 150.7 138.5 207.3 430.5 1,098.9
Secured long-term debt after swaps........................ 3.30% 262.8 244.6 235.6 303.4 688.2 1,734.6
Finance leases............................. 2.81% 41.6 - 45.6 59.8 162.4 309.4
Total fixed rate debt................... 304.4 244.6 281.2 363.2 850.6 2,044.0
Floating rate
Secured long-term debt............... 261.8 240.5 230.6 302.7 695.5 1,731.1
Debt swapped from floating to fixed......................................... (171.9) (150.7) (138.5) (207.3) (430.5) (1,098.9)
Secured long-term debt after swaps...................................... 0.74% 89.9 89.8 92.1 95.4 265.0 632.2
Finance leases.............................. 1.48% 73.6 49.7 66.9 70.7 146.5 407.4
Total floating rate debt............... 1.03% 163.5 139.5 159.0 166.1 411.5 1,039.6
Total financial liabilities............. 467.9 384.1 440.2 529.3 1,262.1 3,083.6
146.5
407.4
Total floating rate debt...............
1.03%
163.5
139.5
159.0
166.1
411.5
1,039.6
Total financial liabilities.............
467.9
384.1
440.2
529.3
1,262.1
3,083.6
All of the above debt maturing after 2018 will mature between fiscal 2018 and fiscal 2025.
The maturity profile of the Company's financial liabilities (excluding derivative financial liabilities, aircraft
provisions, trade payables and accrued expenses) at March 31, 2013 was as follows:
Weighted average fixed rate (%) 2014 EM 2015 EM 2016 EM 2017 EM Thereafter EM Total
EM
Fixed rate
Secured long term-debt............... 2.93% 87.9 90.9 94.0 97.0 353.7 723.5
Debt swapped from floating to fixed......................................... 3.88% 171.4 174.1 152.9 140.9 654.0 1,293.3
Secured long-term debt after swaps....................................... 3.36% 259.3 265.0 246.9 237.9 1,007.7 2,016.8
Finance leases............................. 2.81% - 40.7 - - 261.1 301.8
Total fixed rate debt.................... 259.3 305.7 246.9 237.9 1,268.8 2,318.6
Floating rate
Secured long-term debt............... 258.6 264.0 242.7 233.0 1,013.9 2,012.2
Debt swapped from floating to fixed......................................... (171.4) (174.1) (152.9) (140.9) (654.0) (1,293.3)
Secured long-term debt after swaps....................................... 0.65% 87.2 89.9 89.8 92.1 359.9 718.9
Finance leases............................. 1.42% 53.4 55.8 67.5 66.9 217.2 460.8
Total floating rate debt............... 0.95% 140.6 145.7 157.3 159.0 577.1 1,179.7
Total financial liabilities.............. 399.9 451.4 404.2 396.9 1,845.9 3,498.3
217.2
460.8
Total floating rate debt...............
0.95%
140.6
145.7
157.3
159.0
577.1
1,179.7
Total financial liabilities..............
399.9
451.4
404.2
396.9
1,845.9
3,498.3
All of the above debt maturing after 2017 will mature between fiscal 2017 and fiscal 2025.
The maturity profile of the Company's financial liabilities (excluding derivative financial liabilities, aircraft
provisions, trade payables and accrued expenses) at March 31, 2012 was as follows:
Weighted average fixed rate (%) 2013 EM 2014 EM 2015 EM 2016 EM Thereafter EM Total
EM
Fixed rate
Secured long term-debt............... 2.94% 78.9 81.8 84.7 87.5 392.8 725.7
Debt swapped from floating to fixed......................................... 3.96% 154.7 159.0 161.5 140.2 675.2 1,290.6
Secured long-term debt after swaps....................................... 3.59% 233.6 240.8 246.2 227.7 1,068.0 2,016.3
Finance leases............................. 2.81% - - 39.8 - 254.4 294.2
Total fixed rate debt....................
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