NATS-Annual-Report-2015

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Annual Report and Accounts 2015 | NATS Holdings Limited Financial Statements 122 Notes forming part of the consolidated accounts (continued) 19. Financial instruments (continued) At 31 March 2015, the aggregate amount of the unrealised loss under forward foreign exchange contracts deferred in the hedge reserve relating to the exposure on these future transactions was £5.1m (2014: £0.3m unrealised gain). The majority of these contracts will mature within the first three months of the next financial year at which stage the amount deferred in equity will be realised in the income statement. In addition to the above, NERL has entered into average rate forward agreements with a fixing date after 31 March 2015 to sell euro anticipated to be received in July 2015 in respect of UK en route revenues. The value of these cash flows is £62.2m. These contracts are also designated as cash flow hedges. They are not included in the table above. Interest rate risk management The group is exposed to interest rate risk to the extent that it holds borrowings at fixed, floating and index-linked interest rates. Its interest rate risk management policies, which are kept under continuous review, are specific to NERL. NATS Services and NATS Limited had no borrowings at 31 March 2015 (2014: £nil). The group seeks to minimise NERL’s exposure to movements in interest rates by ensuring NERL holds an appropriate balance of fixed, floating and index-linked debt as a percentage of its net debt by the use of interest rate swap contracts and index-linked swap contracts. The group’s exposure to interest rates on financial assets and financial liabilities is detailed in the liquidity risk management section of this note. The group held no interest rate swaps at 31 March 2015 (2014: none). Financial Statements
Annual Report and Accounts 2015 | NATS Holdings Limited Financial Statements 123 Notes forming part of the consolidated accounts (continued) 19. Financial instruments (continued) Economic interest rate exposure The group’s cash and short term deposits were as follows: 2015 Cash Short term deposits Economic interest Average Economic interest Average Amount rate maturity Amount rate maturity Total Currency £m % days £m % days £m Sterling 232.5 0.5 10 29.7 0.6 183 262.2 Euro 3.2 - 1 - - - 3.2 US dollar 0.4 - 1 - - - 0.4 Canadian dollar 0.7 - 1 - - - 0.7 Kuwaiti dinar 0.1 - 1 - - - 0.1 Norwegian krone 0.1 - 1 - - - 0.1 UAE dirham 0.3 - 1 - - - 0.3 237.3 29.7 267.0 2014 Cash Short term deposits Economic interest Average Economic interest Average Amount rate maturity Amount rate maturity Total Currency £m % days £m % days £m Sterling 206.3 0.4 7 29.7 0.5 183 236.0 Euro 4.7 - 1 - - - 4.7 US dollar 0.1 - 1 - - - 0.1 Canadian dollar 0.1 - 1 - - - 0.1 Qatari riyal 0.2 - 1 - - - 0.2 Kuwati dinar 0.1 - 1 - - - 0.1 Danish krone 0.1 - 1 - - - 0.1 211.6 29.7 241.3 The economic interest rate reflects the true underlying cash rate that the group was paying on its borrowings or receiving on its deposits at 31 March. Financial Statements
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