Ryanair 2004 Annual Report Download - page 38

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(Continued)
Notes
38
9 ACCRUED EXPENSES AND OTHER LIABILITIES
2004 2003
GROUP 000 000
Current
Accruals 70,915 48,196
Taxation 76,122 58,907
Unearned revenue 191,171 144,225
338,208 251,328
Taxation above comprises
PAYE (payroll taxes) 3,482 3,370
Corporation tax 9,764 9,789
Other tax (including air passenger duty) 62,876 45,748
76,122 58,907
7 INVENTORIES
2004 2003
GROUP 000 000
Aircraft spares 24,669 21,596
Duty free and other inventories 1,771 1,192
26,440 22,788
Inthe view of thedirectors, there are no material differences between the replacement cost of inventories and the balance sheet
amounts.
8 ACCOUNTS PAYABLE
Accounts payable: - represents trade creditors payable within one year.
Accounts payable falling due after one year: - consists of long term minimumobligations arising from an engine maintenance contract
and deferred gains arising from the sale and leaseback of aircraft. During the year, Ryanair entered into a sale and leaseback
arrangement for 10 new Boeing 737-800 “next generation” aircraft. Theaircraft are operatedunder a seven yearlease arrangement
and Ryanairdoes not have theright orobligation to acquire the aircraft at the end of seven years.
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