Ryanair 2004 Annual Report Download - page 1

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2 Financial Highlights
4 Chairman’s Report
5 Chief Executive’s Report
8 Operating & Financial Review
14 Directors’ Report
20 Directors
21 Social, Environmental and Ethical report
23 Report of the Remuneration Committee to the Board
24 Statement of Directors’ Responsibilities
24 Independent Auditors’ Report to the Members of Ryanair Holdings plc
26 Statement of Accounting Policies
29 Consolidated Balance Sheet
30 Consolidated Profit & Loss Account
31 Consolidated Cash Flow Statement
32 Consolidated Statement of Changes in Shareholders’ Funds - equity
33 Company Balance Sheet
34 Notes Forming Part of the Consolidated Financial Statements
63 Summary of Differences between Irish, UK and US GAAP
74 Directors and Other Information
CONTENTS
1
A N N U A L R E P O RT & F I N A N C I A L S T A T E M E N T S 2 0 0 4
Financial Statements
Certain of theinformationincludedinthis release is forward lookingandissubject to importantrisksanduncertainties that could cause actual results to differmaterially. It
isnot reasonablypossible to itemise all of themany factors andspecific events that couldaffecttheoutlookand results of anairlineoperatinginthe Europeaneconomy.
Amongthe factors thatare subject to changeand couldsignificantlyimpactthegroup’s expected results are theairlinepricingenvironment, fuel costs, competitionfromnew
and existing carriers, market prices for replacementaircraft, costs associatedwithenvironmental, safety and security measures, actions of the Irish,UK, European Union
(“EU”)and othergovernments andtheir respective regulatory agencies, fluctuationsin currency exchange rate andinterest rates, airport access andcharges, labour relations,
theeconomicenvironment of theairlineindustry, thegeneraleconomicenvironmentinIreland,theUKand Continental Europe, thegeneralwillingness of passengers to travel
and othereconomics, socialandpolitical factors.

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