Ryanair 2008 Annual Report Download - page 15

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15
Adjusted earnings per share (EPS)
Adjusted earnings per share has increased by 22% to 31.81 euro cent for the year and is based on
adjusted profit for the year, before exceptional items, of 1480.9m and 1,512,011,616 shares which
represents the weighted average number of ordinary shares in issue during the year.
Balance sheet
The consolidated balance sheet continues to strengthen due to the strong growth in profits during
the year. The Group generated cash from operating activities of 1703.9m and 1150.0m from the sale of
Boeing 737-800 aircraft which part funded the 1300.0m share buy back programme, 158.1m increased
investment in Aer Lingus, and capital expenditure incurred during the period with the remaining balance
reflected in Total Cash (represented by cash and cash equivalents, restricted cash and cash on deposit
for more than 3 months) of 12,169.6m. Capital expenditure amounted to 1937.1m which largely
consisted of advance aircraft payments for future aircraft deliveries, the delivery of 33 aircraft and 2
simulators. Long term debt, net of repayments, increased by 1404.4m during the period.
Shareholders’ equity
Shareholders’ equity at March 31, 2008 decreased by 137.6m to 12,502.2m, compared to March
31, 2007 reflecting profits of 1390.7m for the year and 18.4m proceeds from the exercise of share
options, offset by 1436.7m reflecting the impact of the IFRS accounting treatment for derivative
financial assets, pensions, available for sale financial assets, stock option grants and a share buy back.
See details in note 16 to the consolidated financial statements.
Capital expenditure
During the year the Group’s capital expenditure amounted to 1937.1m. The majority of this
related to the purchase of 33 Boeing 737-800 “next generation” aircraft, two simulators and deposits
relating to the future acquisition of additional new Boeing 737-800’s. An additional 3 new Boeing 737-
800 “next generation” aircraft were financed by way of operating lease during the year bringing the
increase in total new aircraft operated to 30 (net of 6 disposals). Further details are given in note 2 to
the consolidated financial statements.
Review of cash flow
Net cash provided by operating activities was 1703.9m reflecting the overall profitability of the
Group and working capital movements including advance revenues. Total cash has decreased by
128.4m to 12,169.6m. At March 31, 2008 the Group had advance purchase deposits of 1469.8m for
future aircraft deliveries.