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Forward jet fuel contracts – 332.3 14.4 –
Designated as held for trading
Forward US dollar contracts 100.0 – – (0.3)
1,830.9 332.3 14.4 (32.9)
Less non-current portion
Forward US dollar contracts – (3.4)
Zero cost US dollar collars – (2.9)
Current portion 14.4 (26.6)
82 easyJet plc
Annual report and accounts 2007
22 Derivative financial instruments (continued)
2006
Quantity Quantity Assets Liabilities
US dollar million tonnes £million £million
Fair value
Designated as cash flow hedges
Forward US dollar contracts 28.0 – 0.3 –
Zero cost US dollar collars 1,031.0 – 0.8 (12.0)
Forward jet fuel contracts – 154.3 0.3 (0.9)
Zero cost jet fuel collars – 321.0 – (6.8)
Designated as held for trading
Forward US dollar contracts 562.0 – – (0.4)
1,621.0 475.3 1.4 (20.1)
Less non-current portion
Zero cost US dollar collars 0.4 (4.8)
Current portion 1.0 (15.3)
Derivatives designated as cash flow hedges
The Group uses forward foreign exchange contracts and zero cost collars to hedge transaction currency risk and jet fuel price risk.
Where these hedges are assessed as highly effective, gains and losses are deferred in equity and transferred to the income statement or cost
of property, plant and equipment when the related cash flow occurs. The net gains/(losses) deferred at each balance sheet date are as follows:
At 30 September 2007
Within Within Within
1 year 1-2 years 2-3 years Total
£million £million £million £million
Hedges of transaction currency risk (25.8) (6.1) – (31.9)
Hedges of jet fuel price risk 14.4 – – 14.4
(11.4) (6.1) – (17.5)
Related deferred tax 3.8
Total losses included within equity (13.7)
At 30 September 2006
Within Within Within
1 year 1-2 years 2-3 years Total
£million £million £million £million
Hedges of transaction currency risk (5.5) (2.4) (0.3) (8.2)
Hedges of jet fuel price risk (5.3) – – (5.3)
(10.8) (2.4) (0.3) (13.5)
Related deferred tax 4.0
Total losses included within equity (9.5)
Amounts recorded in the income statement were as follows:
2007 2006
£million £million
(Losses)/gains on cash flow hedges recycled from equity (34.5) 3.8
Ineffective portion of gains/(losses) on cash flow hedges (time value) 4.5 (9.8)
(30.0) (6.0)
Changes in fair value of zero cost collars attributable to time value are the ineffective portion of the gain or loss and are charged directly
to the income statement. Over the full life of each instrument, the income statement impact of time value will be zero.
Notes to the financial statements
continued
83 easyJet plc
Annual report and accounts 2007
Derivatives designated as held for trading
The Group has net monetary liabilities at the balance sheet date of US$95.7 million (2006: US$566.7 million). In accordance with IAS 21,
monetary assets and liabilities are revalued using the exchange rates ruling at the balance sheet date. The Group manages this exposure
by the use of forward foreign exchange contracts. Amounts recorded in the income statement were as follows:
2007 2006
£million £million
Operating profit
Unrealised revaluation gains on monetary assets and liabilities 2.3 8.7
Realised foreign exchange gains/(losses) 1.6 (2.2)
Unrealised losses on derivatives (0.3) (0.3)
Realised (losses)/gains on derivatives (5.5) 0.5
(1.9) 6.7
Financing costs (note 4)
Unrealised revaluation gains on monetary assets and liabilities 13.1 9.3
Unrealised gains/(losses) on derivatives 0.4 (0.4)
Realised losses on derivatives (11.9) (10.3)
1.6 (1.4)
Net (losses)/gains (0.3) 5.3
23 Commitments
a) Commitments under operating leases
Aircraft
2007 2006
£million £million
Total commitments under non-cancellable operating leases due:
Within one year 109.3 117.1
Greater than one and less than five years 305.9 387.8
After five years 100.7 134.9
515.9 639.8
Easyjet holds 76 aircraft (2006: 78 aircraft) under operating leases, with lease terms ranging from seven to ten years. At 30 September 2007,
approximately 54% (2006: 56%) of lease payments were based on fixed interest rates and 46% (2006: 44%) on floating interest rates. easyJet is
contractually obliged to carry out maintenance on these aircraft, and the cost of this is provided based on the number of hours and cycles
operated. Further details are given in the critical accounting policies section of note 1.
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