Ryanair 2005 Annual Report Download

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RYANAIR HOLDINGS plc Annual Report & Financial Statements 2005
RYANAIR 2005
THE MAGNIFICENT 7 SHOOTING DOWN HIGH FARES!
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Table of contents

  • Page 1
    RYANAIR 2005 THE MAGNIFICENT 7 SHOOTING DOWN HIGH FARES! R YA N A I R LO A D FA C TO R D E PA R T M E N T RYANAIR HOLDINGS plc Annual Report & Financial Statements 2005

  • Page 2
    ...our Shannon base in February with the announcement of 9 new European destinations. This means that we will carry over 1.5 million passengers to 16 destinations this year rising to 2 million passengers within 5 years. MAIREAD JIM JULIUSZ Even the young "wans" ot. won't dance with this idi Ryanair...

  • Page 3
    ...our network to 297 routes and 107 airports. In November 2005 we announced our 12th base at Liverpool John Lennon airport with 28 daily flights to 17 destinations. With a combination of low fares, excellent destinations and first class customer service it's easy to see why we are Britain's favourite...

  • Page 4
    ANNUAL REP ORT & FINANCIAL STATE MENTS 2005 II As always Ryanair are committed to giving passengers as much value for money as possible and this year was no different. In November, any passenger that booked a Ryanair flight was in with the chance of winning e100,000 and Sister Kathleen Murphy's ...

  • Page 5
    ANNUAL REP ORT & FINANCIAL STATE MENTS 2005 III Ryanair's fight against high fares and the competition will always be maintained. The Ryanair PR machine can be seen all over Europe. From chicken runs in Milan to prayer dances in Dublin and demo's in Dusseldorf we continue to promote our low fares ...

  • Page 6
    ANNUAL REP ORT & FINANCIAL STATE MENTS 2005 IV CHAMPIONS OF CUSTOMER SERVICE Caring Caroline ite" d o r h p "A Yet again our customer service team worked endlessly to maintain our NO 1 customer service record. We are constantly trying to improve our service which is why we are: hts g li f e im t ...

  • Page 7
    ... fe your t bag w bags s: wit est are s afe w h our ith us . Ian's lost but no bags are! FUEL SURCHARGES Unlike other airlines we are committed to offering passengers the lowest fares and we demonstrated this by guaranteeing no fuel surcharges while our competitors repeatedly hiked up their prices.

  • Page 8
    ... lowest fares, our partners also offer the cheapest deals in car hire, hotels, hostels, travel insurance and much more. So for the best travel deals visit Ryanair.com. Booking Engine Booking a flight has never been so simple! Now you can book your flights on the Ryanair Homepage. Travel Insurance...

  • Page 9
    ... our total fleet number to 225 by 2012. We will enjoy the lowest per seat operating cost in Europe enabling us to lower costs and pass on greater savings to our passengers. RYANAIR AIRCRAFT DELIVERY SCHEDULE THE 2 MICKS WING THEIR WAY HOME WITH ANOTHER NEW AIRCRAFT! Our best in Blue promotion...

  • Page 10
    ... We expanded our Luton base in January 2005 and launched 9 new European low fare routes. With a total of 12 destinations London passengers have more choices and even more low fares than ever before. ST R FIR S OU D N N A O YL LU T T I R A R AFT IN D U CA IRC A NE W Idiot se en around wandering...

  • Page 11
    ...'s Report Operating & Financial Review Directors' Report Directors Social, Environmental and Ethical Report Report of the Remuneration Committee to the Board Statement of Directors' Responsibilities Independent Auditors' Report to the Members of Ryanair Holdings plc Statement of Accounting Policies...

  • Page 12
    ...1m. The 2004 adjusted net profit is stated before exceptional items (net of tax) and goodwill amortisation totalling â,¬19.9m These items are separately identified in the consolidated profit and loss account set out on page 8 of the annual report. REVENUE GROWTH â,¬million â,¬million 275 ADJUSTED...

  • Page 13
    ANNUAL REP ORT & FINANCIAL STATE MENTS 2005 Financial Highlights for the year ended March 31, 2005 3 Key Statistics 2005 2004 % Change Scheduled passengers Number of aircraft operated at period end Average number of employees Passengers per average no of employees 27.6m 87 2,604 10,596 23....

  • Page 14
    ... and 2012 at a substantial discount to our previously competitively priced order. Launched three new bases at Liverpool, Luton and Shannon. Launched 79 new routes and extended our operations to three new countries, Poland, Slovakia and Latvia. Took delivery of 27 new Boeing 737-800's. Completed a 10...

  • Page 15
    ...year end cash balances stand at â,¬1.6bn, a figure that is 21% greater than our annual sales. What makes Ryanair unique among European airlines, is our huge price leadership, our substantial unit cost advantage and our unrelenting commitment to offering our customers the lowest fares in every market...

  • Page 16
    ...79.4% 79.3% 78.3% 74.2% *Source: Based on most recently published annual reports and average pay excluding social welfare and pension costs. * Source: Ryanair monthly statistics and Association of European Airlines monthly statistics: Jan to Mar 2005 Our employment numbers over the past 12 months...

  • Page 17
    ...49 a barrel. Other unit costs will continue to fall by virtue of our new, lower cost, aircraft deliveries combined with our low cost new destination and airport base agreements. Any continuation of the recent terrorist attacks in London could have a material impact on bookings and yields through the...

  • Page 18
    ...exceptional costs Operating revenues Scheduled revenues Ancillary revenues Total operating revenues - continuing operations Operating expenses Staff costs Depreciation & amortisation Fuel and oil Maintenance, materials and repairs Marketing & distribution costs Aircraft rentals Route charges Airport...

  • Page 19
    ANNUAL REP ORT & FINANCIAL STATE MENTS 2005 Operating & Financial Review for the year ended March 31, 2005 9 Consolidated profit and loss account adjusted to separately identify goodwill and exceptional costs Earnings per ordinary share (in â,¬ cent) - Basic - Diluted Adjusted earnings per ...

  • Page 20
    ... the successful launch of new routes and the slower rate of growth in turn led to load factors increasing by 3 points to 84%, Operating Expenses Total operating expenses increased by 25% to â,¬1,007.1m due to the increased level of activity, and the increased costs, primarily fuel, aircraft rentals...

  • Page 21
    ... and liquid resources by â,¬356.3m to â,¬1,613.6m despite part funding capital expenditure of â,¬69.1m from internal cash resources. At March 31, 2005 the group had advance purchase deposits with Boeing co. of â,¬292.5m covering future aircraft deliveries. Foreign Exchange (Losses)/Gains Foreign...

  • Page 22
    ... the total routes operated to/from Pisa to 10. Our growth continues in the UK with 2 new routes from London Stansted to Toulon in France and Krakow in Poland. We will add a fifth aircraft to our Liverpool base from the end of September and will launch 4 new routes to Oslo in Norway, Riga in Latvia...

  • Page 23
    ... sterling revenues are used to fund forward foreign exchange contracts to hedge US dollar currency exposures that arise in relation to fuel, maintenance, aviation insurance, and capital expenditure costs - including advance payments to Boeing for future aircraft deliveries. The group's objective...

  • Page 24
    ...Directors' Report for the year ended March 31, 2005 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...

  • Page 25
    ... accountability. Combined Code The Directors endorse the 2003 Combined code on Corporate Governance which sets out Principles of Good Governance and a code of best practice and which was appended to the Listing Rules of the Irish and London Stock Exchanges. The directors have reviewed the Groups...

  • Page 26
    ... provide corporate advisory services to Ryanair from time to time. The Board has considered the fees paid to Davy Stockbrokers for these services and believe that they are immaterial to both Ryanair and Davy Stockbrokers given the size of each organisation's business operations and financial results...

  • Page 27
    ... activity. Financial, operational and other information on the group is provided on our website at www.ryanair.com. Ryanair will continue to propose a separate resolution at the AGM on each substantially separate issue, including a separate resolution relating to the Directors' Report and Accounts...

  • Page 28
    ...; a clearly defined organisational structure along functional lines and a clear division of responsibility and authority in the group; a comprehensive system of internal financial reporting which includes preparation of detailed monthly management accounts, providing key performance indicators and...

  • Page 29
    ... with the reporting and presentation requirements of the Companies (Amendment) Act, 1986. The directors consider that the format adopted in these financial statements is the most suitable for the group's purposes. Statement of Compliance Auditors The Irish Stock exchange and UK Listing Authority...

  • Page 30
    ...of a number of French public companies. A director of Ryanair Holdings since August 1996, and has been a director of Ryanair Ltd. since February 1993. From 1993 to 1995 he served as Chairman of Ryanair Ltd. He is chairman of London City Airport Ltd. and served as a director of Bank of Ireland Group...

  • Page 31
    ... on our internal TV network. Our Employee Representative Committee ("ERC's") for each department and our European Works Council provide forum which ensure all department representatives can consult on current issues. Our IT department has developed an Intranet site which gives added value to our...

  • Page 32
    ... in the work environment, business activities, conflicts of interest and compliance with laws and regulations. The code also provides for confidential reporting procedures for employees and all employees must comply with the code. Ryanair's Policy on Noise and Emissions (continued) Furthermore...

  • Page 33
    ... package for the executive director are basic salary, performance bonus and pension. Full details of the executive director's remuneration are set out in note 23(a) on page 50 of the financial statements. Executive Director's Service Contract Ryanair entered into a new employment agreement with the...

  • Page 34
    ... and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. IN PREPARING THOSE FINANCIAL STATEMENTS, THE DIRECTORS ARE REQUIRED TO: • select suitable accounting policies and then apply them consistently make judgements and estimates...

  • Page 35
    ... sheet is in agreement with the books of account, and report to you our opinion as to whether: • the company has kept proper books of account; • the directors' report is consistent with the financial statements; • at the balance sheet date a financial situation existed that may require the...

  • Page 36
    ... cost less any amounts written off. A separate profit and loss account for the company is not presented, as provided by Section 3(2) of the Companies (Amendment) Act 1986. The retained profit for the year attributable to the company was â,¬Nil (2004: â,¬Nil). Scheduled revenues comprise the invoiced...

  • Page 37
    ... provision is made during the lease term for the obligation based on estimated future costs of major airframe and certain engine maintenace checks by making appropriate charges to the profit and loss account calculated by reference to the number of hours or cycles operated during the year. All other...

  • Page 38
    ... of the related aircraft these payments are included as part of the cost of aircraft and are depreciated from that date. Statement of Cash Flows 33.3% 5% Cash represents cash held at bank and available on demand, offset by bank overdrafts. Liquid resources are current asset investments (other than...

  • Page 39
    ANNUAL REP ORT & FINANCIAL STATE MENTS 2005 Consolidated Balance Sheet at March 31, 2005 29 Note Fixed assets Intangible assets Tangible assets Total fixed assets Current assets Cash and liquid resources Accounts receivable Other assets Inventories Total current assets Total assets Current ...

  • Page 40
    ANNUAL REP ORT & FINANCIAL STATE MENTS 2005 30 Consolidated Profit & Loss Account for the year ended March 31, 2005 Note Operating revenue Scheduled revenues Ancillary revenues Total operating revenue -continuing operations Operating expenses Staff costs Depreciation & amortisation Other ...

  • Page 41
    ... fixed assets Net cash (outflow) from capital expenditure Acquisitions Purchase consideration Onerous lease payments Net cash (outflow) from acquisition of subsidiary undertakings Net cash (outflow)/inflow before financing and management of liquid resources Financing Loans raised Loans repaid Issue...

  • Page 42
    ... capital â,¬000 Balance at April 1, 2004 Issue of ordinary equity shares Profit for the financial year Balance at March 31, 2005 9,643 32 9,675 Share premium account â,¬000 560,406 5,350 565,756 Profit and loss account â,¬000 885,239 266,741 1,151,980 Total â,¬000 1,455,288 5,382 266,741 1,727...

  • Page 43
    ... Fixed assets Financial assets Current assets Other assets Total assets â,¬000 3 71,994 71,994 6 539,241 611,235 533,859 605,853 Other liabilities Amounts due to group undertakings Shareholders' funds - equity Called-up share capital Share premium account Profit and loss account Shareholders...

  • Page 44
    ... acquisition of Buzz Stansted Ltd, Ryanair acquired aircraft operating leases of six Boeing 737-300s. Ryanair renegotiated the terms and conditions of these leases during the year and by October 2004 returned the aircraft to the lessors thereby releasing Ryanair from any remaining lease obligations...

  • Page 45
    ... 2005, the cost and net book value of aircraft includes â,¬292.5m (2004: â,¬327m) in respect of advance payments on aircraft. This amount is not depreciated. The cost and net book value also includes capitalised aircraft maintenance and aircraft simulators. At March 31, 2005 fixed asset additions of...

  • Page 46
    ... FIXED ASSETS GROUP 2005 â,¬000 Investment in subsidiary undertakings 2004 â,¬000 2005 â,¬000 71,994 COMPANY 2004 â,¬000 71,994 In the opinion of the directors the fair value of the investments in subsidiary undertakings is at least equal to cost as stated above. 4 CASH AND LIQUID RESOURCES Cash...

  • Page 47
    ANNUAL REP ORT & FINANCIAL STATE MENTS 2005 Notes (Continued) 37 6 OTHER ASSETS GROUP 2005 â,¬000 Prepayments Interest receivable Value Added Tax recoverable Due from Ryanair Limited 15,187 5,117 4,308 24,612 All amounts fall due within one year. 2004 â,¬000 11,674 4,611 2,966 19,251 2005 â,¬000 ...

  • Page 48
    ...for 3 (2004:10) new Boeing 737-800 "next generation" aircraft. The aircraft are operated under a seven year lease arrangement and Ryanair does not have the right or obligation to acquire the aircraft at the end of seven years. 9 ACCRUED EXPENSES AND OTHER LIABILITIES GROUP Current Accruals Taxation...

  • Page 49
    ...-800 "next generation" aircraft. The guarantees are secured with a first fixed mortgage on the delivered aircraft. At March 31, 2005 the group had taken delivery of 61 of these aircraft. The remaining balance of long term debt relates to 4 aircraft held under finance lease, totalling â,¬120.6m (2004...

  • Page 50
    ...FINANCIAL STATE MENTS 2005 40 Notes (Continued) 11 SHORT TERM BORROWINGS GROUP Bank overdrafts (represented by unpresented cheques) 2005 â,¬000 7,938 2004 â,¬000 345 12 AMOUNTS DUE TO GROUP COMPANIES COMPANY Due to Ryanair Limited 2005 â,¬000 35,172 2004 â,¬000 35,172 At March 31, 2005, Ryanair...

  • Page 51
    ...The terms of the stock option plan, and the number of ordinary shares subject to options granted under the stock option plan, may be changed from time to time. During 2003 the company implemented a new staff share option scheme which has been approved by the revenue authorities in the UK and Ireland...

  • Page 52
    ...and lowest prices at which the group's shares traded on the Irish Stock Exchange in the year ended March 31, 2005 were â,¬6.69 and â,¬3.62 respectively. 15 FINANCIAL INSTRUMENTS Ryanair utilises financial instruments to reduce exposure to market risks resulting from fluctuations in foreign exchange...

  • Page 53
    ... rates on financial liabilities are generally based on the appropriate Libor, Euribor and Euribor-based bank offered rates Financial assets The group holds significant cash balances that are invested on a short-term basis. At March 31, 2005 all of the group's cash and liquid resources had a maturity...

  • Page 54
    ...international financial counterparty) on the profile of the group's debt. 2005 2004 Fixed Floating Total Fixed Floating Total â,¬000 Short term borrowings Long term...953,327 The profile of the group's interest rate swaps for forecast existing debt and operating lease commitments are as follows: 2005 ...

  • Page 55
    ANNUAL REP ORT & FINANCIAL STATE MENTS 2005 Notes (Continued) 45 17 CURRENCY RATE RISK AND AIRCRAFT FUEL PRICE RISK Currency rate risk Ryanair has exposure to various reporting currencies (principally Sterling pounds and US dollars) due to the international nature of its operations. The following...

  • Page 56
    ... have been used to determine the estimated amount Ryanair would receive or pay to terminate the contracts. Discounted cash flow analyses are based on estimated future interest rates. • Off balance sheet currency forward and aircraft fuel contracts: a comparison of the contracted rate to the...

  • Page 57
    ... Cash on hand Liquid resources Short term borrowings Long term debt Off balance sheet instruments Forward starting interest rate swaps (loss) Interest rate swaps (loss) US dollar currency forward contracts gain/(loss)* Sterling currency forward contracts gain Aircraft fuel price contracts gain *This...

  • Page 58
    ... The group's revenues derive principally from airline travel on scheduled services, car hire, inflight and related sales. Revenue is wholly derived from European routes. No individual customer accounts for a significant portion of total revenue. 20 ANALYSIS OF OPERATING REVENUES All revenues derive...

  • Page 59
    ..., salaries and related costs Social welfare costs Other pension costs 2005 â,¬000 127,740 10,512 2,745 140,997 2004 â,¬000 112,258 9,660 1,706 123,624 22 OTHER OPERATING EXPENSES 2005 â,¬000 Fuel and oil Maintenance, materials and repairs Marketing and distribution costs Aircraft rentals Route...

  • Page 60
    ... the proper application of financial accounting and/or reporting standards. (ii) Audit related services are for assurance and related services that are traditionally performed by the independent auditor, including due diligence related to mergers .and acquisitions, employee benefit plan audits, and...

  • Page 61
    ... provided during the accounting year is not included in the above figures. The pension benefits set out above have been computed in accordance with Section 12.43 (x) of the Listing Rules of the Stock Exchange. The increases in transfer values of the accrued benefits have been calculated as at the...

  • Page 62
    ANNUAL REP ORT & FINANCIAL STATE MENTS 2005 52 Notes (Continued) 23 STATUTORY AND OTHER INFORMATION (Continued) DIRECTORS' EMOLUMENTS (Continued) (d) Shares and share options (continued) (ii) Share options March 31, 2005 Number... to these directors at â,¬5.65 (the market value at date of grant)...

  • Page 63
    ...relates to domestic tax charges. Ryanair.com Limited is engaged in international data processing and reservations services. In these circumstances, Ryanair.com Limited is entitled to claim effective 10% corporation tax rate on profits derived from qualifying activities in accordance with Section 448...

  • Page 64
    ...'s UK defined benefit pension plan are included in the disclosures for the first time in the current year. 2005 % 3.65 4.67 2.15 2004 % 3.50 5.00 2.00 2003 % 3.50 5.25 2.50 The financial assumptions used for the Ryanair defined benefit schemes are: Rate of general increase in salaries Discount rate...

  • Page 65
    ANNUAL REP ORT & FINANCIAL STATE MENTS 2005 Notes (Continued) 55 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 rate of return Value at March 31, 2005 Expected rate of return Value ...

  • Page 66
    ...in the profit and loss account for the year ended March 31, 2005 and 2004 if FRS 17 had been applied: 2005 â,¬000 Included in finance costs Expected return on pension scheme assets Interest on pension scheme liabilities Net finance costs Included in payroll costs Current service costs Total costs in...

  • Page 67
    ... UK scheme Current service costs Contributions Other finance income/investment return Actuarial (losses)/gains Deficit in scheme at end of year History of actuarial gains and losses: Difference between expected and actual return on assets Expressed as a percentage of scheme assets Experience losses...

  • Page 68
    ...account solely of the potential future exercise of share options granted under the group's share option schemes, is based on the weighted average number of shares in issue... goodwill Buzz re-organisation Depreciation Aircraft rentals Taxation Adjusted Basic EPS Adjusted Diluted EPS Number of ordinary...

  • Page 69
    ...granted Ryanair certain price concessions with regard to the Boeing 737-800 "next generation"aircraft. These take the form of credit memoranda to the group for the amount of such concessions, which the company may apply toward the purchase of goods and services from Boeing or toward certain payments...

  • Page 70
    ...The company has placed â,¬4m in an escrow account pending the outcome of this appeal. 29 NOTES TO CASH FLOW STATEMENT (a) Reconciliation of operating profit to net cash inflow from operating activities: Operating profit excluding goodwill amortisation Foreign exchange (losses)/gains Depreciation of...

  • Page 71
    ANNUAL REP ORT & FINANCIAL STATE MENTS 2005 Notes (Continued) 61 29 NOTES TO CASH FLOW STATEMENT (Continued) (b) Analysis of cash and liquid resources balances: Cash at bank, net of overdraft Liquid resources Liquid resources at the end of year 2005 â,¬000 57,934 1,547,771 1,605,705 2005 â,¬000 ...

  • Page 72
    ... Co Dublin Corporate Headquarters Dublin Airport Co Dublin Corporate Headquarters Dublin Airport Co Dublin Nature of Business Airline operator Darley Investments Limited* 23 August 1996 Investment holding company Ryanair.com Limited * 23 August 1996 International data processing services...

  • Page 73
    ... Kingdom and United States generally accepted accounting principles 63 (a) Significant differences The financial statements of Ryanair Holdings plc are prepared in accordance with generally accepted accounting principles ("GAAP") applicable in Ireland and the United Kingdom (UK) which differ...

  • Page 74
    ... on UK scheme Service cost Interest cost Employee contributions Actuarial loss Currency movement Benefits paid Projected benefit obligation at end of year Change in plan assets Fair value of scheme assets at beginning of year Opening fair value of UK Scheme assets Actual return on assets Employer...

  • Page 75
    ... were as follows: Discount rate Rate of increase in remuneration Expected long term rate of return on assets 2005 % 5.10 3.70 6.74 2004 % 5.25 3.50 7.75 The net periodic pension cost in accordance with SFAS No. 132(R) were as follows: Service cost - present value of benefits earned during the...

  • Page 76
    ANNUAL REP ORT & FINANCIAL STATE MENTS 2005 66 Summary of differences between Irish, United Kingdom and United States generally accepted accounting principles (Continued) (iv) Pensions (continued) The expected return on plan assets of 6.74% was based on the assumptions of the following returns ...

  • Page 77
    ...as part of the acquisition cost of the asset. Ryanair pays deposits in respect of its aircraft acquisition programme and in accordance with US GAAP capitalises interest costs which could have been avoided if the expenditure had not been made. Under Irish and UK GAAP there is no mandatory requirement...

  • Page 78
    ... consideration to be allocated to the net assets acquired based on their fair values at the acquisition date. On April 10, 2003 Ryanair acquired assets comprising operating leases and certain landing and takeoff slots at Stansted Airport from KLM UK Limited for â,¬20.795m. The difference between...

  • Page 79
    ... under US GAAP Profit for financial year as reported in the consolidated profit and loss account and in accordance with Irish and UK GAAP Adjustments Pensions Purchase Accounting Adjustment Amortisation of goodwill Capitalised interest regarding aircraft acquisition programme Darley Investments...

  • Page 80
    ... United States generally accepted accounting principles (Continued) (d) Total assets Total assets as reported in the consolidated balance sheets and in accordance with Irish and UK GAAP March 31, 2005 â,¬000 March 31, 2004 â,¬000 3,809,700 Adjustments Pension Amortisation of goodwill Capitalised...

  • Page 81
    ... three months Cash and liquid resources under Irish and UK GAAP 2005 â,¬000 880,196 204,040 529,407 1,613,643 2004 â,¬000 744,605 200,000 312,745 1,257,350 Supplemental schedule of non cash investing and financing activities The group did not enter into new capital leases for fixture and fittings...

  • Page 82
    ... Irish, United Kingdom and United States generally accepted accounting principles (Continued) (f) Profit and loss account as presented under US GAAP Operating revenues Scheduled revenues Ancillary revenues Total operating revenues - continuing operations Operating expenses Staff costs Depreciation...

  • Page 83
    ... and United States generally accepted accounting principles (Continued) 73 (g) New US accounting pronouncements In December 2004, the FASB issues Statement No. 123R, "Share-Based Payment - An Amendment of FASB Statements No. 123 and 95", ("SFAS No.123R"), which is effective for public companies in...

  • Page 84
    ... Corporate Headquarters Dublin Airport Co. Dublin Ireland J. Callaghan KPMG Chartered Accountants 1 Stokes Place St. Stephen's Green Dublin 2 Ireland Bank of Ireland Dublin Airport Co. Dublin Ireland Barclays Bank PLC 47/48 St. Stephen's Green Dublin 2 Ireland Barclays Bank PLC Hanover Square London...

  • Page 85
    ... of Buzz on 10 April 2003 (the Group's only business combination to date) in accordance with the provisions of IFRS 3 ("Business Combinations"). As the principal assets and liabilities acquired at that time related to take-off and landing slots at Stansted airport, and onerous leases for aircraft...

  • Page 86
    ANNUAL REP ORT & FINANCIAL STATE MENTS 2005 76 Principal Changes under IFRS (c) IFRS 2: Share Based Payments (recurring change) IFRS 2 ("Share Based Payment") requires the Group to recognise any share based payments made to employees during a reporting period as a charge to the income statement ...

  • Page 87
    ... - April 01 2004 Irish/UK Retirement Business GAAP Benefits Combination â,¬000 â,¬000 â,¬000 Non-Current Assets Intangible Assets Tangible Assets Deferred tax asset Total Non-Current Assets Current Assets Inventories Other Assets Accounts Receivable Restricted Cash Financial assets - cash held to...

  • Page 88
    ... term debt Total Other Liabilities Shareholders funds Called up share capital Share premium account Profit and loss account Equity Reserve Shareholders funds - equity Total liabilities and shareholders funds Apr 01 04 â,¬000 Retirement Business Benefits Combination â,¬000 â,¬000 Share Based Payment...

  • Page 89
    ... Profit and Loss Account IRGAAP Mar 31 05 â,¬000 Operating revenue Scheduled revenue Ancillary revenue Total operating revenue Operating expenses Staff costs Depreciation & amortisation Fuel & oil Maintenance, materials and repairs Marketing Aircraft rentals Route charges Airport & handling costs...

  • Page 90
    ANNUAL REP ORT & FINANCIAL STATE MENTS 2005 80 Notes this page is purposely left blank

  • Page 91
    This year we took a 'pizza' Alitalia's high fare monopoly in Italy by announcing 4 domestic routes. With the invasion of Ryanair's low fares it's no wonder the competition are running scared! DAVE DOMINGOS SEAN CARRERAS MICK PAVAROTTI EDDIE CI LA SCHIL A PARTIRE DA ALGHERO 1 SOLO ANDATA

  • Page 92
    RYANAIR .com Corporate Head Office, Dublin Airport, Co. Dublin, Ireland Tel: +353 1 8121212 Fax: +353 1 8121213 www.RYANAIR.com