Ryanair 2005 Annual Report Download - page 65

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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 Value at Expected Value Expected Value
rate of return March 31, 2005 rate of return March 31, 2004 rate of return March 31, 2003
%000 % 000 % 000
Equities 7.20 14,359 7.50 8,868 8.50 5,430
Properties 6.25 684 7.00 602 7.50 458
Bonds 4.04 2,498 4.50 2,106 5.50 1,878
Cash 2.25 758 2.50 457 3.25 400
Other 4.00 286 ----
Outstanding contributions at year end
(paid subsequent to year end) -----112
Total market value of scheme assets 18,585 12,033 8,278
Actuarial value of scheme liablities (29,213) (16,955) (13,343)
Recoverable (deficit) (10,628) (4,922) (5,065)
Related deferred tax asset 1,329 615 633
Net pension (liability) (9,299) (4,307) (4,432)
If these amounts had been recognised in the financial statements, the group’s 2005 2004 2003
net assets and revenue reserves would be as follows: 000 000 000
Net assets
Net assets excluding pension assets 1,727,411 1,455,288 1,241,728
Net pension (liability) (9,299) (4,307) (4,432)
Net assets including pension asset 1,718,112 1,450,981 1,237,296
Revenue reserve
Revenue reserves per balance sheet 1,151,980 885,239 678,628
Net pension (liability) (9,299) (4,307) (4,432)
Net reserves including pension assets 1,142,681 880,932 674,196
(Continued)
Notes 55
ANNUAL REPORT & FINANCIAL STATEMENTS 2005