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Annual report and accounts 2016

136 Notes to the

136 Notes to the consolidated financial statements continued 26 Financial risk management objectives and policies continued € million Within 6 months 6-12 months 1-2 years 2-5 years More than 5 years Interest-bearing loans and borrowings: Finance lease obligations (315) (371) (803) (2,263) (2,765) (6,517) Fixed rate borrowings (53) (449) (89) (1,109) (737) (2,437) Floating rate borrowings (62) (73) (81) (251) (207) (674) Trade and other payables (3,442) – (10) – – (3,452) Derivative financial instruments (assets): Aircraft lease hedges 1 1 10 – – 12 Forward currency contracts 97 86 38 11 – 232 Fuel derivatives 2 1 – – – 3 Currency options 11 3 4 2 – 20 Derivative financial instruments (liabilities): Aircraft lease hedges (1) (1) (3) – – (5) Forward currency contracts (6) – (2) (2) – (10) Fuel derivatives (858) (465) (232) (42) – (1,597) Currency options (2) (1) (1) (1) – (5) Hedge of available-for-sale asset 1 – – – – 1 December 31, 2015 (4,627) (1,269) (1,169) (3,655) (3,709) (14,429) f Offsetting financial assets and liabilities The following financial assets and liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements. The Group enters into derivative transactions under ISDA (International Swaps and Derivatives Association) documentation. In general, under such agreements the amounts owed by each counterparty on a single day in respect of all transactions outstanding are aggregated into a single net amount that is payable by one party to the other. December 31, 2016 Financial instruments that are offset under netting agreements Net amounts of financial instruments in the balance sheet € million Gross value of financial instruments Related amounts not offset in the balance sheet Net amount Financial assets Derivative financial assets 1,419 (921) 498 (14) 484 Total 2015 Financial liabilities Derivative financial liabilities 1,029 (921) 108 (14) 94 December 31, 2015 Financial instruments that are offset under netting agreements Net amounts of financial instruments in the balance sheet € million Gross value of financial instruments Related amounts not offset in the balance sheet Net amount Financial assets Derivative financial assets 279 (19) 260 (5) 255 Financial liabilities Derivative financial liabilities 1,629 (19) 1,610 (5) 1,605 g Capital risk management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern to maintain an optimal capital structure, to reduce the cost of capital and to provide returns to shareholders. The Group monitors capital on the basis of the adjusted gearing ratio. For the year to December 31, 2016, the adjusted gearing ratio was 51 per cent (2015: 54 per cent). The definition and calculation for this performance measure is included in the Alternative performance measures section. Further detail on liquidity and capital resources and capital risk management is disclosed in the financial review. INTERNATIONAL AIRLINES GROUP Annual Report and Accounts 2016

137 27 Financial instruments a Financial assets and liabilities by category The detail of the Group’s financial instruments at December 31, 2016 and December 31, 2015 by nature and classification for measurement purposes is as follows: December 31, 2016 Financial assets Derivatives used for hedging Total carrying amount by balance sheet item Current assets Trade receivables 1,405 – – – 1,405 Other current assets 304 – – 595 899 Non-current assets held for sale – – – 38 38 Derivative financial instruments – 329 – – 329 Other current interest-bearing deposits 3,091 – – – 3,091 Cash and cash equivalents 3,337 – – – 3,337 Financial liabilities Derivatives used for hedging € million Loans and receivables Available-forsale Non-financial assets Non-current assets Available-for-sale financial assets – – 73 – 73 Derivative financial instruments – 169 – – 169 Other non-current assets 267 – – 232 499 Nonfinancial liabilities Total carrying amount by balance sheet item Loans and € million payables Non-current liabilities Interest-bearing long-term borrowings 7,589 – – 7,589 Derivative financial instruments – 20 – 20 Other long-term liabilities 16 – 222 238 Current liabilities Current portion of long-term borrowings 926 – – 926 Trade and other payables 3,049 – 256 3,305 Derivative financial instruments – 88 – 88 Strategic Report Corporate Governance Financial Statements Additional Information December 31, 2015 Financial assets Derivatives used for hedging Total carrying amount by balance sheet item € million Loans and receivables Available-forsale Non-financial assets Non-current assets Available-for-sale financial assets – – 74 – 74 Derivative financial instruments – 62 – – 62 Other non-current assets 345 – – 20 365 Current assets Trade receivables 1,196 – – – 1,196 Other current assets 545 – – 690 1,235 Non-current assets held for sale – – – 5 5 Derivative financial instruments – 198 – – 198 Other current interest-bearing deposits 2,947 – – – 2,947 Cash and cash equivalents 2,909 – – – 2,909 www.iairgroup.com

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