Ryanair 2004 Annual Report Download - page 65

Download and view the complete annual report

Please find page 65 of the 2004 Ryanair annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 74

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74

(iv) Pensions (continued)
2004 2003
The funded status of the group’s retirement plan under SFAS No. 132(R) is as follows: 000 000
Actuarial present value of vested benefit obligations 14,214 12,390
Accumulated benefit obligations 14,214 12,390
Projected benefit obligations (16,955) (14,267)
Plan assets at fair value 12,033 8,166
Benefit obligations in excess of Plan assets (4,922) (6,101)
Unrecognised net actuarialloss 5,748 7,436
Unrecognised net obligation on implementation 178 208
Additional pensionliability recognised (3,185) -
Pension(liability)/asset (2,181) 1,543
Plan assets comprised primarily of investments in Irish and overseas equity and fixed interest securities.
(Continued)
Summary of differences between Irish, United Kingdom and
United States generally accepted accounting principles 65
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
2004 2003
The principal assumptions used in the plan for SFAS No. 132(R) purposes were as follows: % %
Discount rate 5.25 6.25
Rate of increase in remuneration 3.50 4.25
Expected long term rate of return on assets 7.75 7.75
2004 2003
The net periodic pension cost in accordance with SFAS No. 132(R) were as follows: 000 000
Service cost - present value of benefits earned during the year 771 797
Interest cost on projected benefit obligations 747 655
Return on assets (2,679) (2,115)
Deferrals and amortisation 2,346 1,360
Net periodic pension cost 1,185 697