Ryanair 2004 Annual Report Download - page 35

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1 INTANGIBLE FIXED ASSETS - GOODWILL (Continued)
1 (b) Acquisition of subsidiary undertakings (continued):
Theacquisition of certainassets fromKLMUKLimitedprincipally comprised:
- Aircraft operating leases of six Boeing 737-300’s and four BAE 146-200’s. Because the fixed cost of these leases was
substantiallyabove market valueat thedate of acquisition,the grouphas provided forthe onerouselement of these leases.
- Transfer of 110 Buzz employees to Buzz StanstedLimited; and
- Transfer of certainlandingand take-off slots at Stanstedairport.
1 (c) Re-organisation costs relating to theacquisition:
Buzz StanstedLimited, the new operating company, wasclosedfromApril11, 2004 to May 1, 2004, to allow thegroup to re-organise
theassets acquiredandintegratetheminto its existingoperations. The costs incurred relating to this reorganisationamounted to
3.0 m (2.7 m net of tax) (see note 22).
(Continued)
Notes 35
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