Ryanair 2011 Annual Report Download - page 166
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164
At March 31,
2011 2010 2009
1M
1M
1M
Reconciliation of current tax
At beginning of year ................................................................
................................
0.9
0.4 (1.6)
Corporation tax charge in year ................................................................
.....................
4.4
0.8 0.7
Adjustment in respect of prior-year over-provision ................................
......................
-
(0.3) (0.4)
Tax (paid)/refunded ................................................................
................................
(5.8) - 1.7
At end of year ................................................................
................................
(0.5) 0.9 0.4
At March 31,
2011 2010 2009
1M
1M
1M
Reconciliation of deferred tax
At beginning of year ................................................................
................................
199.6 155.5 148.1
Adjustment in respect of prior year provisions ................................
............................
- (1.7) 0.1
Recognition of deferred tax asset re net operating losses
................................
-
- (34.3)
Release of deferred tax asset for prior-year net operating losses
................................
(1.9)
6.6 -
New temporary differences on property, plant and equipment,
derivatives, pensions and other items ................................
................................
70.0 39.2 41.6
At end of year ................................................................
................................
267.7 199.6 155.5
As at March 31, 2011, a deferred tax asset of 131.4 million was recognised in respect of net operating
losses incurred and available to carry forward to future periods (2010: 129.5 million, 2009: 134.3 million). The
recoverability of the deferred tax asset is based on future income forecasts which demonstrate that it is more
likely than not that future profits will be available in order to utilise the deferred tax asset. The deferred tax
asset’s recoverability is not dependent on material improvements over historical levels of pre-tax income,
material changes in the present relationship between income reported for financial and tax purposes, or material
asset sales or other non-routine transactions.
New temporary differences arising in the year to March 31, 2011 consisted of temporary differences of
143.7 million for property, plant and equipment recognised in the income statement, a charge of 125.6 million
for derivatives and a charge of 10.7 million for pensions, all recognised in other comprehensive income. The
charge in the year to March 31, 2010 consisted of temporary differences of a charge of 130.2 million for
property, plant and equipment recognised in the income statement and a charge of 19.0 million for derivatives,
all recognised in other comprehensive income. The charge in the year to March 31, 2009 consisted of temporary
differences of a charge of 122.6 million for property, plant and equipment recognised in the income statement, a
charge of 120.0 million for derivatives and a credit of 11.0 million for pensions, all recognised in other
comprehensive income.
The components of the tax expense/(credit) in the income statement were as follows:
Year ended
March 31,
2011
Year ended
March 31,
2010
Year ended
March 31,
2009
1M 1M 1M
Corporation tax charge in year ................................................................
.......................
4.4 0.8 0.7
Adjustment in respect of prior-year provisions ................................
..............................
0.1 (2.0) (0.3)
Deferred tax charge/(credit) relating to origination and reversal of
temporary differences ................................................................
............................
41.8 36.9 (11.7)
46.3 35.7 (11.3)