Ryanair 2004 Annual Report Download - page 55

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26 PENSIONS (Continued)
(b) FRS 17 disclosures (continued)
The assets in the Ryanair pension scheme (excluding AVC’s) and expected rates of return were:
Expected Value at Expected Value Expected Value
rate of return March 31, 2004 rate of return March 31, 2003 rate of return March 31, 2002
%000 % 000 % 000
Equities 7.50 8,868 8.50 5,430 8.50 7,337
Properties 7.00 602 7.50 458 7.50 713
Bonds 4.50 2,106 5.50 1,878 5.50 1,834
Cash 2.50 457 3.25 400 3.25 306
Outstanding contributions at year end
(paid subsequent to year end) - - - 112 - 91
Total market value of scheme assets 12,033 8,278 10,281
Actuarial value of scheme liablities (16,955) (13,343) (9,209)
Recoverable (deficit)/surplus (4,922) (5,065) 1,072
Related deferred tax asset/(liability) 615 633 (134)
Net pension (liability)/asset (4,307) (4,432) 938
If these amounts had been recognised in the financial s tatements, the group’s 2004 2003 2002
net assets and revenue reserves would be as follows: 000 000 000
Net assets
Net assets excluding pension assets 1,455,288 1,241,728 1,002,274
Net pension (liability)/asset (4,307) (4,432) 938
Net assets including pension asset 1,450,981 1,237,296 1,003,212
Revenue reserve
Revenue reserves per balance sheet 885,239 678,628 439,230
Net pension (liability)/asset (4,307) (4,432) 938
Net reserves including pension assets 880,932 674,196 440,168
(Continued)
Notes 55
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