Ryanair 2008 Annual Report Download - page 81

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81
(ii) Share options
The number of share options held by directors in office at the end of fiscal 2008 were:
March 31,
2008
Number of Options
March 31,
2007
Number of Options
David Bonderman*** ................................................................
............................
25,000 -
Emmanuel Faber* ................................................................................................
..
50,000 50,000
Michael Horgan***................................................................
................................
25,000 -
Klaus Kirchberger* ................................................................
................................
50,000 50,000
Kyran McLaughlin*** ................................................................
...........................
25,000 -
Michael O’Leary** ................................................................
................................
81,240 81,240
James R. Osborne***................................................................
.............................
25,000 -
Paolo Pietrogrande*** ................................................................
...........................
25,000 -
Directors not referred to above held no shares or share options.
* These options were granted to these directors at 12.83 each (the market value at date of grant) during the year ended
March 31, 2003 and are exercisable between June 2007 and June 2009.
** These options were granted to Michael O’Leary as follows: 35,402 in fiscal 2003 at 12.86 and 45,838 in fiscal 2004 at
12.21 (the market value at date of grant), in either case under the 2003 share option plan these are exercisable between
2008 and 2010.
*** These options were granted to these directors at 14.96 each (the market value at date of grant) during the year ended
March 31, 2008 and are exercisable between June 2013 and June 2015.
20 Finance expense
Year ended
March 31,
2008
Year ended
March 31,
2007
1000 1000
Interest payable on bank loans wholly repayable after five years ..................... 97,344 82,891
Interest arising on pension liabilities, net (see note 21)..................................... (256) (15)
97,088 82,876
21 Pensions
The Group accounts for pensions in accordance with IAS 19, “Employee Benefits,” (IAS 19).
The Company operates defined benefit and defined contribution schemes.
(i) Defined benefit schemes.
The Group funds the pension entitlements of certain employees through defined benefit plans. Two
plans are operated for eligible Irish and UK employees. In general, on retirement, a member is entitled to
pension calculated at 1/60th of final pensionable salary for each year of pensionable service, subject to a
maximum of 40 years. Theses plans are fully funded on a discontinuance basis and the related pension costs
and liabilities are assessed in accordance with the advice of a professionally qualified actuary. The
investments of the plans at March 31, 2008 consisted of units held in independently administered funds. The
most recent full actuarial valuations of the plans were carried out at June 30, 2007 in accordance with local
regulatory requirements using the projected unit credit method and the valuation reports are not available for
public inspection.