Enfermedades:

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, 2015, 2014 and 2013 were as follows:

Available

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.

185

The carrying values and fair values of the Company’s financial liabilities by class and category were as follows:

Liabilities at

Current and non-current maturities of debt... 4,431.6 - 4,431.6 4,529.6 Derivative financial instruments:-

Total financial liabilities at March 31, 2015 ... 5,045.2 885.1 5,930.3 5,414.7 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

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, 2015 has been used to establish fair value. The Company’s credit risk and counterparties credit risk is taken into account when establishing 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, 2015 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 measurements, and no transfers into or out of Level 3 fair-value measurement.

Level 1 Level 2 Level 3 Total measurements, and no transfers into or out of Level 3 fair-value measurement.

187 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,

(c) Maturity and interest rate risk profile of financial assets and financial liabilities

At March 31, 2015, the Company had total borrowings of €4,431.6 million (2014: €3,083.6 million;

2013: €3,498.3 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 202 Boeing 737-800 “next generation” aircraft (2014: 210; 2013: 210). The guarantees are secured with a first fixed mortgage on the delivered aircraft. The remaining long-term debt relates to two unsecured eurobonds for $850 million each, 26 aircraft held under finance leases (2014: 30; 2014: 30), 6 aircraft financed by way of other commercial debt (2014: 6; 2014: 6).

The maturity profile of the Company’s financial liabilities (excluding derivative financial liabilities, aircraft provisions, trade payables and accrued expenses) at March 31, 2015 was as follows:

Weighted