Ryanair 2005 Annual Report Download - page 24

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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 13.
Results for the Year
Profit for the financial year amounted to 266.7m. Details of
the results are set out in the consolidated profit and loss
account on page 30 and in the related notes.
Share Capital
The number of shares in issue at March 31, 2005 was
761,963,108.
Accounting Policies
The accounting policies followed in the preparation of these
consolidated financial statements for the year ended March
31, 2005 are consistent with those followed in the previous
financial year.
International Financial Reporting
Standards
Under current European proposals, the group will be required
to adopt International Financial Reporting Standards
(“IFRSs”) incorporating International Accounting Standards
(“IASs”) in the preparation of its consolidated financial
statements from April 1, 2005. The international standard
setter, the International Accounting Standards Board
(“IASB”), has undertaken an extensive exercise to develop
new standards and improve existing ones.
Details concerning the principal changes from Irish GAAP to
IFRS and the impact on Ryanair’s historical financial
statements are set out on pages 75 to 79.
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, 2005, the group employed 2,717 people. This
compares to 2,302 staff at March 31, 2004. 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 designed and implemented a safety policy which operated
throughout the year. The group operates continuous staff
training programmes, has designated a senior pilot as full time
Flight Safety Officer and has an Air 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.
for the year ended March 31, 2005
Directors’ Report
14
ANNUAL REPORT & FINANCIAL STATEMENTS 2004