Ryanair 2004 Annual Report Download - page 36

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(Continued)
Notes
36
2 TANGIBLE FIXED ASSETS
Hangar & Plant & Fixtures & Motor
GROUP Aircraft Buildings Equipment Fittings Vehicles Total
000 000 000 000 000 000
Cost
At beginning of year 1,638,409 6,701 3,390 9,100 696 1,658,296
Additions in year 317,664 6,380 858 618 49 325,569
Disposals in year - - (1) - (279) (280)
At end of year 1,956,073 13,081 4,247 9,718 466 1,983,585
Depreciation
At beginning of year 294,493 2,041 2,187 6,693 521 305,935
Charge for year 98,945 508 682 1,135 121 101,391
Eliminated on disposals - - (1) - (266) (267)
At end of year 393,438 2,549 2,868 7,828 376 407,059
Net book value
At March 31, 2004 1,562,635 10,532 1,379 1,890 90 1,576,526
At March 31, 2003 1,343,916 4,660 1,203 2,407 175 1,352,361
At March 31, 2004, aircraft with a net book value 1,204.4m (2003: 1,002.8m) were mortgaged to lenders as security for loans.
Under the security arrangements for the group’s new Boeing 737-800 “next generation” aircraft, the group does not hold legal title
to those aircraft while loan amounts remain outstanding.
At March 31, 2004, the net book value of fixed assets held under finance lease was nil (2003: nil). Depreciation on these assets for
the year ended March 31, 2004 amounted to nil (2003: 164,590)
At March 31, 2004, the cost and net book value of aircraft includes 327.0m (2003: 259.4m) in respect of advance payments on
aircraft. This amount is not depreciated. The cost and net book value also includes capitalised aircraft maintenance and aircraft
simulators.
At March 31, 2004 fixed asset additions of 325.6m(2003: 477.5m) was comprised of assets paid for of 325.6m(2003: 469.9m)
whilst the balance in 2003 represented unpaid additions. During 2004 an additional 6.0m was paid for assets capitalised during
2003 and presented as unpaid additions at March 31, 2003.
The deprecitaion charge for the year includes an exceptionalcharge of 3.3m which relates to aircraft which were retired earlyas
a result of scratchmarksthatoccurredduringanaircraftpaintingprogramme.
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