Ryanair 2010 Annual Report Download - page 78

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76
DESCRIPTION OF PROPERTY
For certain information about each of the Company’s key facilities, see “—Facilities” above.
Management believes that the Company’s facilities are suitable for its needs and are well maintained.
Item 4A. Unresolved Staff Comments
There are no unresolved staff comments.
Item 5. Operating and Financial Review and Prospects
The following discussion should be read in conjunction with the audited consolidated financial
statements of the Company and the notes thereto included in Item 18. Those consolidated financial statements
have been prepared in accordance with IFRS.
HISTORY
Ryanair’s current business strategy dates to the early 1990s, when a new management team, including
the current chief executive, commenced the restructuring of Ryanair’s operations to become a low-fares airline
based on the low-cost operating model pioneered by Southwest Airlines Co. in the United States. During the
period between 1992 and 1994, Ryanair expanded its route network to include scheduled passenger services
between Dublin and Birmingham, Manchester and Glasgow (Prestwick). In 1994, Ryanair began standardizing
its fleet by purchasing used Boeing 737-200A aircraft to replace substantially all of its leased aircraft. Beginning
in 1996, Ryanair continued to expand its service from Dublin to new provincial destinations in the U.K. In
August 1996, Irish Air, L.P., an investment vehicle led by David Bonderman and certain of his associates at the
Texas Pacific Group, acquired a minority interest in the Company. Ryanair Holdings completed its initial public
offering in June 1997.
From 1997 through June 30, 2010, Ryanair launched service on more than 1,100 routes throughout
Europe and also increased the frequency of service on a number of its principal routes. During that period, in
addition to Dublin, Ryanair established, London (Stansted and Luton), Glasgow (Prestwick), Brussels
(Charleroi), Frankfurt (Hahn), Milan (Bergamo), Stockholm (Skvasta), Rome (Ciampino), Barcelona (Girona),
Nottingham East Midlands, Liverpool, Shannon, Pisa, Cork, Marseille, Madrid, Bremen, Dusseldorf (Weeze),
Bristol, Alicante, Belfast, Bournemouth, Birmingham, Kerry, Edinburgh, Reus, Alghero, Cagliari, Trapani,
Bologna, Pescara, Oporto, Bari, Brindisi, Leeds Bradford, Faro, Oslo (Rygge), Malaga, Kaunas and Malta
airports as bases of operations. Ryanair plans to open two new bases in Barcelona (El Prat) and Valencia in
September and November of 2010, respectively. Ryanair has increased the number of booked passengers from
4.9 million in the 1999 fiscal year to approximately 66.5 million in the 2010 fiscal year. Ryanair had 250 Boeing
737-800 aircraft as of June 30, 2010, and now serves 155 airports with a team of over 8,000 people.
Ryanair expects to have 272 aircraft in its operating fleet by March 31, 2011. During the period
through March 2013, the Company expects to take delivery of additional Boeing 737-800 aircraft that, net of
planned retirements and lease terminations, are expected to increase the size of the Company’s fleet to 299
aircraft. See “Liquidity and Capital Resources” and “Item 4. Information on the CompanyAircraft” for
additional details.