Ryanair 2005 Annual Report Download - page 52

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14 SHARE CAPITAL AND SHARE PREMIUM ACCOUNT (continued)
2005 2004
SHARE WEIGHTED AVG SHARE WEIGHTED AVG
SHARE OPTIONS OPTIONS EXERCISE PRICE OPTIONS EXERCISE PRICE
Outstanding at start of year 24,206,538 4.13 26,453,855 3.62
Exercised (2,691,968) 2.00 (4,140,424) 1.68
Granted 5,405,547 4.55 2,280,177 5.71
Expired (963,623) 5.42 (387,070) 5.00
Outstanding at end of year 25,956,494 4.39 24,206,538 4.13
The mid market price of Ryanair Holdings plc ordinary shares on the Irish Stock Exchange at March 31, 2005 was 6.04. The highest
and lowest prices at which the group’s shares traded on the Irish Stock Exchange in the year ended March 31, 2005 were 6.69 and
3.62 respectively.
15 FINANCIAL INSTRUMENTS
Ryanair utilises financial instruments to reduce exposure to market risks resulting from fluctuations in foreign exchange rates,
interest rates and aircraft fuel prices. The group does not enter into these instruments for speculative purposes.
Derivative financial instruments are contractual agreements with a value which reflects price movements in an underlying asset.
Ryanair uses derivative financial instruments, where appropriate, to generate the desired effective profile of currency, interest and
aircraft fuel price risk. Notes 16 to 18, below, give details as to the group’s financial instruments held, in accordance with the
requirements of Financial Reporting Standard No. 13 “Derivatives and Other Financial Instruments: Disclosures” (the “Standard”).
As permitted by this Standard, short term debtors and creditors have been excluded from all numerical disclosures shown in notes
16 to 18.
For further details of the group’s strategy with regard to the use of derivatives please refer to page 13 which should be read in
conjunction with these notes.
(Continued)
Notes
42
ANNUAL REPORT & FINANCIAL STATEMENTS 2005