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in various currencies through a policy of matching, as far
as possible, receipts and payments in each individual
currency. In addition, the Group uses forward foreign
exchange contracts and zero cost collars.
The Group has substantial balance sheet liabilities
denominated in US dollars. The effect of revaluing
these liabilities is largely offset by holding US dollar
cash. Any residual net liability is then managed through
the use of forward foreign exchange contracts.
Fuel price risk
The Group fuel risk management policy aims to
provide protection against sudden and significant
increases in jet fuel price while ensuring that the Group
may also benefit from price reductions. In order to
provide protection the Group uses a limited range of
hedging instruments traded on the Over The Counter
markets, principally zero-cost collars and forwards, with
approved counterparties and within approved limits.
Group policy at 30 September 2007 is to hedge a
maximum of 80% of estimated exposures up to
12 months in advance, and to hedge a smaller
percentage of estimated expense up to 24 months in
advance. In exceptional market conditions, the Board
may accelerate or limit the implementation of the
hedging policy.
Derivative financial instruments
The Group uses derivative financial instruments
(“derivatives”) selectively for currency and fuel risk
management purposes as described above. The Group’s
policy is not to trade in derivatives but to use these
instruments to hedge anticipated exposures.
Forward foreign exchange and fuel contracts and zerocost
collars are used to cover currency and jet fuel
exposures. All contracts outstanding at 30 September
2007 are summarised in note 22.
The Group does not permit selling of currency and jet
fuel options, except on a fully matched basis, to create
a collar hedging structure.
All derivatives are used for the purpose of risk
management: they do not expose the Group to
market risk because gains and losses on the derivatives
offset losses and gains on the matching asset, liability,
revenue or cost being hedged. Counterparty credit risk
is generally restricted to any hedging gain from time
to time and is controlled by only dealing with rated or
guaranteed counterparties.
21 easyJet plc
Annual report and accounts 2007
22 easyJet plc
Annual report and accounts 2007
We’re turning Europe orange and...
shaping
agreener
future
CO2 emissions
have reducedby
18% since 2000
CO2 emissions per passenger kilometre
23 easyJet plc
Annual report and accounts 2007
easyJet and the environment
In aggregate with other man-made greenhouse gas
(“GHG”) emissions the activities of easyJet affects the
environment. easyJet’s goal is to ensure that its existing
business is as efficient as possible, both in the air and on
the ground; to find ways to minimise its environmental
impact both now and in the future; and to lead the way
in shaping a greener future for aviation. Below are the
details of how easyJet will monitor and manage its
environmental impact.
Aviation emissions
Carbon dioxide (CO2) is the principal emission of
airlines (the quantity of which can be derived from fuel
burn) and its environmental effect is well understood.
Aviation also emits water vapour (which can form
contrails); nitrogen oxides (NOx) that enhance the
formation of ozone and destroys methane; as well
as substances that trigger the generation of aerosol
particles or lead to changes in natural clouds.
According to the Stern Review on the Economics of
Climate Change, aviation CO2 emissions currently
account for 0.7 giga tonne CO2 (1.6% of global GHG
emissions). In 2050 under “business as usual” projections,
CO2 emissions from aviation would represent 2.5% of
global GHG emissions1.
The amount and effect of non-CO2 emissions by
aviation are still not well understood by the scientific
community. More specifically, the non-CO2 effects of
different flights are not the same: the season, time
of day, geographic location, altitude and duration of a
flight will all influence the non-CO2 effects of the flight.
The IPCC’s 1999 report on Aviation and the Global
Atmosphere acknowledged some of the issues with
applying the metric of radiative forcing to aviation:
“Because carbon dioxide has a long atmospheric
residence time (≈100 years) and so becomes well
mixed throughout the atmosphere, the effects of its
emissions from aircraft are indistinguishable from the
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