Ryanair 2006 Annual Report Download - page 16

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Review of Business Activities and
Future Developments in the Business
The group operates a low fares airline business and plans to
continue to develop this activity by expanding its successful
low fares formula on new and existing routes. A review of
the group’s operations for the year is set out on pages 8 to
15.
Results for the Year
Profit for the financial year amounted to 306.7m. Details
of the results are set out in the consolidated income
statement on page 36 and in the related notes.
Share Capital
The number of ordinary shares in issue at March 31, 2006 was
771,016,623.
Accounting Policies
The results for the year and the comparative year have been
prepared in accordance with IFRS. Details concerning the
principal changes from Irish GAAP to IFRS and the impact on
Ryanair’s historical financial statements are set out in note
27.
Accounting Records
The directors believe that they have complied with the
requirements of Section 202 of the Companies Act, 1990 with
regard to books of account by employing financial personnel
with appropriate expertise and by providing adequate
resources to the financial function. The books of account of
the company are maintained at its registered office,
Corporate Headquarters, Dublin Airport, Co. Dublin.
Staff
At March 31, 2006, the group employed 3,453 people. This
compares to 2,717 staff at March 31, 2005. The increase in
staff levels consisted mainly of pilots and cabin crew and
arose due to the expansion of the aircraft fleet and
continued growth of the group.
Air Safety
Commitment to air safety is a priority of the group. The group
has fully documented and implemented a Safety Management
System. The group operates continuous staff training
programmes. In addition to the designation of a senior pilot as
full time Flight Safety Officer, Ryanair has appointed a Flight
Safety and Administration Manager and a Flight Safety
Administrator. Ryanair has an established Safety Committee
comprising of Michael Horgan (chairperson), a Director of the
Board, the Director of Flight and Ground operations, the Chief
Pilot, the Flight Safety Officer, Director of Engineering,
Director of Personnel and In-flight, Quality Assurance
Manager-Maintenance, Deputy Director of Ground Operations,
Deputy Director of Safety and the Health and Safety Manager.
Health and Safety
The well being of the group’s employees is safeguarded
through the strict adherence to health and safety standards.
The Safety, Health and Welfare at Work Act 1989 imposes
certain requirements on employers and the group has taken
the necessary action to ensure compliance with the Act.
Ryanair has implemented safety statements and has a
designated Health and Safety Officer.
Company Information
The company was incorporated on August 23, 1996 with a
registered number of 249885. It is domiciled in the Republic
of Ireland and has its registered offices at Corporate
Headquarters, Dublin Airport, Co. Dublin. It is a public limited
company and operates under the laws of Ireland.
for the year ended March 31, 2006
Directors’ Report
16
ANNUAL REPORT & FINANCIAL STATEMENTS 2006