Ryanair 2005 Annual Report Download - page 45

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(Continued)
Notes 35
ANNUAL REPORT & FINANCIAL STATEMENTS 2005
2 TANGIBLE FIXED ASSETS
Hangar & Plant & Fixtures & Motor
GROUP Aircraft Buildings Equipment Fittings Vehicles Total
000 000 000 000 000 000
Cost
At beginning of year 1,956,073 13,081 4,247 9,718 466 1,983,585
Additions in year 614,322 48 1,115 988 174 616,647
Disposals in year (62,886) - (5) (21) - (62,912)
At end of year 2,507,509 13,129 5,357 10,685 640 2,537,320
Depreciation
At beginning of year 393,438 2,549 2,868 7,828 376 407,059
Charge for year 96,002 385 1,075 1,105 136 98,703
Eliminated on disposals (60,720) - (5) - - (60,725)
At end of year 428,720 2,934 3,938 8,933 512 445,037
Net book value
At March 31, 2005 2,078,789 10,195 1,419 1,752 128 2,092,283
At March 31, 2004 1,562,635 10,532 1,379 1,890 90 1,576,526
At March 31, 2005, aircraft with a net book value 1,789.5m (2004: 1,204.4m) were mortgaged to lenders as security for loans.
Under the security arrangements for the group’s new Boeing 737-800 “next generation” aircraft, the group does not hold legal title
to those aircraft while loan amounts remain outstanding.
At March 31, 2005, the cost and net book value of aircraft includes 292.5m (2004: 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 616.6m (2004: 325.6m) was comprised of assets paid for of 616.6m (2004: 325.6m),
whilst the balance in 2004 represented unpaid additions.
During 2005 an additional 2.5m was paid for assets capitalised during 2003.