Ryanair 2008 Annual Report Download - page 84

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84
Changes in fair values of the plans’ assets are as follows:
At March 31,
2008 2007
1000 1000
Fair value of plan assets at beginning of year ........................................................... 28,616 24,690
Expected return on plan assets.................................................................................. 2,059 1,697
Actual gains and losses on plan assets ...................................................................... (5,581) 575
Employer contribution .............................................................................................. 867 1,133
Plan participants’ contributions ................................................................................ 456 642
Benefits paid ............................................................................................................. (427) (294)
Foreign exchange rate changes ................................................................................. (1,021) 173
Fair value of plan assets at end of year ..................................................................... 24,969 28,616
The fair value of the plans’ assets at March 31 is analysed as follows:
At March 31,
2008 2007
1000 1000
Equities..................................................................................................................... 18,399 22,949
Bonds........................................................................................................................ 3,554 3,173
Property .................................................................................................................... 1,134 1,150
Other assets............................................................................................................... 1,882 1,344
Total fair value of plan assets ................................................................................... 24,969 28,616
The plans’ assets do not include any of our own financial instruments, nor any property occupied by, or
other assets used by us.
The expected long-term rate of return on assets of 7.28% (2007: 6.95%) for the Irish Scheme was
calculated based on the assumptions of the following returns for each asset class: Equities 8.25% (2007:
7.25%); Bonds 4.25% (2007: 3.76%); Property 6.75% (2007: 6.25%); and Cash 4.0% (2007: 2.5%). The
expected long-term rate of return on assets of 7.91% (2007: 7.38%) for the UK Scheme was calculated based
on the assumptions of the following returns for each asset class: Equities 8.5% (2007: 7.75%); Corporate and
Overseas Bonds 6.60% (2007: 5.35%); and Other 5.0% (2007: 4.75%).
Since there are no suitable euro-denominated AA rated corporate bonds, the expected return is estimated
by adding a suitable risk premium to the rate available from Government bonds. The assumptions are based
on long-term expectations at the beginning of the reporting period and are expected to be relatively stable.
The history of the plans for the current and prior period is as follows:
March 31
2008 2007 2006 2005
1000 1000 1000 1000
Difference between expected and actual return on assets
.......
(6,602) 748 3,531 952
Expressed as a percentage of scheme assets
...........................
26% 3% 14% 5%
Experience gains/(losses) on scheme liabilities
.....................
1,633 1,586 62 (242)
Expressed as a percentage of scheme liabilities
.....................
6% 4% - (1%)
Total actuarial gains/(losses)................................
..................
5,140 2,272 2,659 (3,419)
Expressed as a percentage of scheme liabilities
.....................
19% 6% 8% (12%)